No evidence for an insurance premiums deduction

The Revenue Department provides information on various types of tax allowances from relevant organizations on its “My Tax Account” system, so that taxpayers can search for information on allowances and their tax benefits.

Keywords: Mazars, Thailand, Tax, Insurance premiums, Pension fund, Donations, Revenue Department, My Tax Account

25 February 2020

Currently, the My Tax Account system provides information on the following:

  • Health insurance premiums
  • Donations
  • Government pension fund contributions

It was recently announced that, for the tax year 2020, the Revenue Department has amended the law on the right to claim a tax deduction for life insurance premiums, pension insurance premiums, and health insurance premiums that taxpayers pay for parents, including the parents of the taxpayer’s spouse, as follows:

1. In order to be able to claim a tax deduction for life insurance premiums and pension insurance premiums, a taxpayer paying premiums for life insurance and pension insurance policies which start from 1 January 2020 onwards must notify the insurance agency of the intention to claim a tax deduction. In turn, the insurance agency must submit information on the premiums paid to the Revenue Department by 7 January of the following year. The Revenue Department will then show that information in the My Tax Account system.

For life insurance and pension insurance policies that are made before 1 January 2020, taxpayers can choose either to notify the insurance agency of the intention to claim the tax deduction or to use the evidence issued by the insurance agency to prove that premiums were already paid.

2. In order for a taxpayer to exercise the right to claim a tax deduction for health insurance premiums paid for the parents of the taxpayer and/or spouse, taxpayers paying premiums for health insurance policies made from 1 January 2020 onwards must notify the insurance agency of the intention to claim the tax deduction. The insurance agency must submit information on the premiums paid to the Revenue Department by 7 January of the following year.  The Revenue Department will then show that information in the My Tax Account system.

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