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Amounts paid for messages from any newspaper press

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- Amounts paid for messages from any newspaper, press association, radio or television newspaper, broadcasting agency, or newstickersservices, to any other newspaper, press association, radio or television newspaper broadcasting agency, or newsticker service or to a bona fide correspondent,which messages deal exclusively with the collection of news items for, or the dissemination of news item through, public press, radio or television broadcastingor a newsticker service furnishing a general news service similar to that of the public press.PREMIUMS TAX ON LIFE INSURANCE PREMIUMS:1.Domestic insurance companies2% on premiums collected;2.International/Foreign insurance companies:a.Agent4% on premiums collected;b.If directly contracted by the insured in the Philippines5% on premiums paid.Exemptions:the following are not subject to the percentage tax on life insurance premiums:1.Premiums refunded within six (6) months after payment on account of rejection of risk or returned for other reason to a person insured;2.Reinsurance premiums3.Those doing business outside the Philippines on account of any life insurance of the insured who is a non-resident, if any tax on such premium is imposedby the foreign country where the branch is established nor upon premiums collected or received on account of any reinsurance, if the insured, in case ofpersonal insurance, resides outside the Philippines, if any tax on such premiums is imposed by the foreign country where the original insurance has beenissued or perfected;4.Premiums collected or received by the insurance companies on variable contracts (as defined in section 232(2) of Presidential Decree No. 612), in excessof the amounts necessary to insure the lives of the variable contract workers.WINNINGS ON HORSE RACESWithholding mechanism:The tax herein prescribed shall be deducted from the 'dividends' corresponding to each winning ticket or the"prize"of eachwinning race horse owner and withheld by the operator, manager or person in charge of the horse races before paying the dividends or prizes to the personsentitled thereto.
3Cesar Nickolai F. Soriano Jr.University of Santo TomasAMV College of Accountancy 2010-6213Arellano University School of Law 2011-0303PERCENTAGE TAXESExample: the amount of winnings is P10,200 and the cost of the ticket is P200, the corresponding percentage tax is P1,000 ([10,200 less 200] * 10%)this amount will be deducted from the “prize” given to the bettor, such that he will only receive P9,200 (P10,200 winnings less P1,000 tax).The P1,000 shall be remitted by the operator, manager or person in charge of the horse race to the BIR.GROSS RECEIPTS TAX (BANKS/NON-BANK FINANCIAL INTERMEDIARIES PERFORMING QUASI-BANKING FUNCTIONS)The gross receipts tax has been re-imposed under RA No. 9238 beginning January 1, 2004, as implemented by RR No. 9-2004.

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