ceased to issue notes for circulation deposits with the Insular Treasurer, in lawful money, the amount of its outstanding circulation to be redeemed at par, under such regulations as the Insular Treasur er may prescribe, it shall be exempt from any tax upon said circulation. [2339-78.] S ECTION  1660 . Tax on Insurance Premiums . — There shall be collected from every person, company, or corporation (except purely cooperative companies or associations) doing insurance business of any sort in the Philippine Islands a tax of one per centum of t he total premiums collected during each calendar year, whether paid in money, notes, credits, or any substitute for money, but premiums refunded within six months after payment on account of rejection of risk or returned for other reason to persons insured  shall not be included in the taxable receipts; nor shall any tax be paid upon reinsurance by a company that has already paid the tax. "Cooperative companies or associations" are such as are conducted by the members thereof with money collected from among themselves and solely for their own protection and not for profit. SAEHaC [2339-79.] S ECTION  1661 . Time for Payment of Tax — Increase of Tax in Case of Delinquency . — The tax on insurance companies shall be due on the first of July in each year for the preceding calendar year, and if the same remains unpaid for fifteen days thereafter the  amount of the tax shall be increased by twenty-five per centum, the increment to be a part of the tax. [2339-80.] S ECTION  1662 . Yearly Report from Insurance Company . — Every company liable to the payment of the aforesaid tax shall, on or before the first day of April in each year, render a statement in writing, in such form as the Collector of Internal Revenue shall p rescribe, containing an account of the conditions of its business during the calendar year last preceding, the entire amount of all premiums and other considerations received during such year, and such additional information as the Collector may require. [2339-81.] S ECTION  1663 . Tax on Corporate Franchises . — There shall be collected in respect to all existing and future franchises, upon the gross earnings or receipts from the business "covered by the law granting the franchise, such taxes, 501 Copyright 2012 CD Technologies Asia, Inc. and Accesslaw, Inc. Philippine Law Encyclopedia 2011