Section 1442 relating to the withholding of tax on foreign corporations is amended by adding after paragraph (d) the following new paragraph:
“(e) Reinsurance Premiums—In the case of premiums derived by foreign corporations from reinsurances in respect of insurance business transacted in American Samoa there shall be deducted and withheld at source a tax equal to 10% thereof.”
History: 1979, PL 16-38 § 1.