An international research organization expressed its support for the reduction of taxes imposed on agricultural insurance to accelerate farm activity.In a webinar hosted by the Southeast Asian Regional Center for Graduate Study and Research in Agriculture (Searca), the think tank asserted agri-finance expert and Ramon Magsaysay awardee Jaime Aristotle Alip’s recommendation to make agricultural insurance more accessible by cutting the tax on agricultural insurance premiums.
According to Alip, taxes on non-life insurance, including those for crops, must be around the rate for life insurance at 2 percent. Currently, non-life insurance premiums are taxed between 26 and 27 percent.
Alip…
Keep on reading: Gov’t urged to cut agricultural insurance tax