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Insurance Companies
Insurance companies, whether domestic or foreign doing business in the Philippines, are allowed to deduct in addition to the itemized deductions under the tax code, the following:
(1) The net additions, if any, required by law to be made within the year to reserve funds;
(2) The sums other than dividends paid within the year on policy and annuity contracts may be deducted from their gross income: Provided, however, That the released reserve be treated as income for the year of release.
to policyholders on account of premiums previously paid by them. Interest paid upon those amounts between the ascertainment date and the date of its payment.