SC reverses ruling enjoining BIR from imposing higher tax rates on non-life insurance firms 72 SHARES Share it! Share TweetBy Rey PanaliganThe Supreme Court (SC) has reversed a 2015 trial court ruling that enjoined the Bureau of Internal Revenue (BIR) from imposing higher tax rates on non-life insurance companies than life insurance firms. RA 10001 reduces from five percent to two percent the tax rate for life insurance premiums, it said. Ruling in favor of the BIR, the SC the trial court erred in granting Standard Insurance’s petition for declaratory relief. “With not all the requisites for the remedy of declaratory relief being present, the respondent’s (Standard Insurance) petition for declaratory relief had no legal support and should have been dismissed by the RTC,” the SC ruled.

Source: Manila Bulletin December 04, 2018 10:41 UTC