Insurance Companies Assessed. Section 16.

Insurance Companies are dealt with in Clause 16, which provides that they shall be assessed upon the total amount of annual premiums received in respect of fire, marine, and guarantee policies, after deducting the total amount of premiums actually paid by the Company in the same year in respect of the re-insurance of any risk covered by the said policies. Premiums received from life policies are exempt. The rate of tax to be imposed upon the assessment thus arrived at is fixed by the Property Tax Act at thirty shillings per cent.