AN ACT REDUCING THE TAXES ON LIFE INSURANCE POLICIES, AMENDING FOR THIS PURPOSE SectionS 123 AND 183 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
Year:
2010
Category:
Other
Date Approved:
February 23, 2010
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This Act aims to reduce the taxes imposed on life insurance policies by amending specific sections of the National Internal Revenue Code of 1997. It establishes a new tax rate on life insurance premiums and outlines the conditions under which these taxes will apply.Full Text
Fourteenth Congress
Third Regular Session
Begun and held in Metro Manila, on Monday, the twenty-seventh day of July, two thousand nine.
REPUBLIC ACT NO. 10001
AN ACT REDUCING THE TAXES ON LIFE INSURANCE POLICIES, AMENDING FOR THIS PURPOSE SectionS 123 AND 183 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. Section 123 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:
Section 2. The new rate of two percent (2%) shall apply only to insurance policies that will be issued after the effectivity of this Act: Provided, however, That insurance policies taken out before the effectivity of this Act but the premiums are not yet fully paid, the new rate of two percent (2%) shall be applied to the remaining balance and for the remaining years.
Section 3. Section 183 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:
Section 4. Five (5) years after the effectivity of this Code, no tax on life insurance premium shall be collected: Provided, further, That on the said date, all policies of insurance or other instruments by whatever name the same shall be called whereby any insurance shall be made upon any life or lives shall be exempt from the documentary stamp tax.
Section 5. Rules and Regulations. - The Secretary of Finance shall, upon recommendation of the Commissioner of Internal Revenue, promulgate the necessary rules and regulations for the effective implementation of the provisions of this Act.
Section 6. Separability Clause. - If any provision of this Act is held unconstitutional or invalid, all other provisions not affected thereby shall remain valid.
Section 7. Repealing Clause. - All laws, decrees, executive orders, rules and regulations or parts thereof which are inconsistent with this Act are hereby repealed, amended or modified accordingly.
Section 8. Effectivity. - This Act shall take effect fifteen (15) days following the completion of its publication in the Official Gazette or in a newspaper of general circulation in the Philippines.
Approved,
This Act which is a consolidation of Senate Bill No. 6017 and House Bill No. 3502 was finally passed by the Senate and House of Representatives December 15, 2009 and December 11, 2009, respectively.
Approved: FEB 23 2010
(Sgd.) GLORIA MACAPAGAL-ARROYO
President of the Philippines
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.