Tax on insurance premiums.
Section 255
SEC. 255. Tax on insurance premiums. — There shall be collected from every person, company, or corporation (except purely cooperative companies or association) doing insurance business of any sort in the Philippines a tax of one per centum of the total premiums collected during the first ten years of his or its operation and one and one-half per centum of the total premiums collected thereafter, whether such premiums are paid in money, notes, credits, or any substitute for money, but premiums refunded within six months after payment on account of rejection of risk or returned for other reason to persons insured shall not be included in the taxable receipts; nor shall any tax be paid upon reinsurance by a company that has already paid the tax. "Cooperative companies or associations" are such as are conducted by the members thereof with money collected from among themselves and solely for their own protection and not for profit.