It shall be the duty of the president, secretary, or other proper officer, of each
and every insurance company, association, or exchange, incorporated by or under any
law of this Commonwealth, except companies doing business upon the mutual plan without
any capital stock, and purely mutual beneficial associations whose funds for the benefit
of members, their families or heirs, are made up entirely of the weekly or monthly
contributions of their members and the accumulated interest thereon, to make report
to the Department of Revenue, on or before the fifteenth day of March in each year,
showing the entire amount of premiums, premium deposits, or assessments received by
such company, association, or exchange during the year ending with the thirty-first
day of December preceding, whether the said premiums, premium deposits, or assessments
were received in money, or in the form of notes, credits, or any other substitutes
for money, and whether the same were collected in this Commonwealth or elsewhere. In such report, the reporting officer shall assess the tax provided by law upon
the gross amount of such premiums, premium deposits, and assessments received from
business transacted within this Commonwealth during such year; but, in making such
report to the Department of Revenue and assessment of tax, every such company, association,
and exchange may make the deductions permitted by law.
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