News : The Philippines: Insurers Seek Suspension of BIR Ruling
Source: Asia Insurance Review | Jun 2008
The insurance industry has urged the Department of Finance (DOF) to suspend indefinitely a new Bureau of Internal Revenue (BIR) ruling that introduces a new set of taxes on the sector. The new BIR circular expands the scope of the 5% premium tax, the scope of documentary stamp taxes (DST), reduces the scope of the minimum corporate income tax (MCIT), introduces taxes on interest income, taxes on notes, bonds and bills, taxes on sale of shares, capital gains taxes on sale of land and buildings, taxes on rentals of property and corporate income tax.
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