The paper evaluates the present taxes available to the life and non-life insurance industry and the proposals seeking the abolition of said taxes. It notes that the abolition of the premium tax, VAT and the DST is not appropriate in view of the government's financial difficulties. It recommends, among others, the retention of the 10% VAT for non-life insurance premiums and the 2% fire tax; and the reversion to the rates immediately prior to the enactment of RA 7660.
