815.512 Stamp Tax/9
The Minister in Honduras (Summerlin) to the Secretary of State
[Received May 8.]
Sir: In reply to the Department’s instruction No. 328 of February 4, 1929 (File No. 815.512 Stamp Tax/2) relative to the Honduran Decree of October 5, 1927, which provides for a tax of 100 pesos per annum to be assessed against the agents of foreign insurance companies, while no provision is made for a tax against the agents of Honduran companies, and for a tax of 1% upon the value of the premium of life insurance policies of foreign companies as against a tax of ½% upon the value of premiums of such policies of Honduran companies, I have the honor [to] report that, as a result of representations made according to instruction No. 328, I have now received a favorable reply from the Foreign Office, a copy and translation of which are enclosed herewith.6
A reply to my note relative to the deposit of $50,000 required of foreign insurance companies by Decree 107 of April 1, 1922 has not yet been received, but the Pan American Life Insurance Company is now doing business in Honduras without having made the deposit.
I have [etc.]
- Not printed. The note, dated April 26, 1929, included a statement that the American insurance companies would be able to do business in Honduras on equal bases with the national companies.↩