Deductions for insurance premiums.    Date : 16/03/2009  

 

On the 19th January 2009, the Revenue Department, representatives from the Thai Life Assurance Association and the General Insurance Association, and Office of Insurance Commission discussed and announced guidelines on rules, regulation and deductions for personal income tax purposes regarding life insurance premium in accordance with the Notification of the Director General No. 172. The Notification which was signed on the 30th December 2008 applies to life insurance policy starting from 1 January 2009 onwards. This can be summarized as follows:
                         1) For life insurance policy which covers other insurance, the insurance premium arising from other coverage will not enjoy any tax benefits. Hence, the receipt must clearly state and separate the details of the all insurance coverage.

 

                         2) Life insurance policy which pays returns or benefits during the insured period will receive tax benefit if payment of returns or benefits does not exceed 20% of insurance premium in each year. If the repayment is made in a specified period, it must not exceed 20% of accumulated insurance premium of each period and the total repayment during insurance premium payment period must not exceed 20% of accumulated life insurance premium. Hence, the receipt must clearly state the conditions of the repayment policy.

                         Mr. Vinai Vittavasgarnvej, Director-General of the Revenue Department announced that “Any insurance policy purchased before 1st January 2009 will enjoy the previous tax benefits, that is, if the life insurance premium is separated from other insurance premiums the Revenue Department will allow tax deduction equal to the amount of life insurance premium”.
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