Section 6
SEC. 6. Section two hundred and fifty-five of Common-wealth Act Numbered Four hundred and sixty-six, as amended by section one of Commonwealth Act Numbered Five hundred and twenty-three, is hereby amended to read as follows: "SEC. 255. Taxes on insurance premiums.—There shall be collected from every person, company, or corporation (except purely cooperative companies or associations) doing insurance business of any sort in the Philippines a tax of one per centum of the total premiums collected during the first five years of his or its organization or establishment, irrespective of the place thereof; two per centum, during the next succeeding five years; and three per centum, 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 person 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; nor upon premiums collected or received by any branch of a domestic corporation, firm or association doing business outside the Philippines on ac-count of any life insurance of the insured who is a non resident, if any percentage tax on such premiums is im-posed by the foreign country where the branch is established. " '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."