Philippines: Insurers pay nearly US$400 mln in taxes last year
Source: Asia Insurance Review | Dec 2016
The government collected PHP19.38 billion (US$393.6 million) in taxes from the insurance industry last year, that involved duties, such as documentary stamp tax (DST), value-added (VAT) tax, premium tax and other tariffs.
Based on Insurance Commission data, the tax collected last year was 12.7% higher than the PHP17.21 billion paid by life and non-life insurance companies in 2014, reported the Philippine Star.
“The increase in tax payments by the insurance business is not only a reflection of the development of the local insurance market, but also a manifestation of how the insurance industry and insuring public exercise their responsibilities to the country as taxpayers,” Insurance Commissioner Emmanuel Dooc said.