Essay On Taxation In The Philippines

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It has been stated by Santos (2014) that “Taxes are the lifeblood of one’s nation for it is the one used to finance the social services provided by the country for their citizens.” (Why we pay taxes?. para. 1). For a country that needs a lot of budget for the needs of its social services, more tax is needed. That is why, tax is everywhere. In the Philippines, taxes are also levied on insurance policies. For this particular research, the focus would be taxes on Life Insurance Policies. Life Insurance Policies is an important part in financial planning which can ensure security to one’s assets and family. The Bureau of Internal Revenue (BIR) , the agency of the Philippine government that is in-charge for the assessment and collection of taxes,…show more content…
Aside from that the Insurance Commission also presented a table that displayed the total premium income generated by the life insurance sector from 2009-2013 and it showed that their incomes have been increasing for the past years. In an article in the Philippine Daily Inquirer, it was mentioned that the Insurance Commission said that about 25 million Filipinos are now covered by Life Insurance (Remo, 2014). With the information stated, it can be said that the life insurance market has been rising for the past years. With the increasing number of individuals who are applying for life insurance policies, the problem of whether these people are knowledgeable of how their monetary investments are allocated arises. There is also the question of whether or not they are entitled to pay taxes for their life insurance premiums and proceeds. This research paper, Tax Imposition on Life Insurance Policies in the Philippines aims to know if the life insurance policies are being taxed. It seeks to inform the readers, individuals who are planning to apply for life insurance and current life insurance holders if the life insurance policies offered by different life insurance companies are being taxed by the

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