Based on the Cabinet meeting on 19 September 2017, the Thai government approved a draft law granting a personal income tax deduction for the payment of health insurance premiums by an individual taxpayer.
Keywords: Mazars, Thailand, Tax, Personal Income Tax, PIT, Health insurance, Life insurance
12 October 2017
According to the draft law, health insurance premiums paid by an individual taxpayer to a Thai insurer on or after 1 January 2017 shall be deductible for that taxpayer’s personal income tax purposes. The deductible amount shall equal the amount actually paid, capped at 15,000 baht. If a taxpayer claimed a deduction for both health insurance premiums and life insurance premiums, the total deductions must not exceed 100,000 baht.
We will provide further information on this draft law when it is finalized.
Ready to get a new personal health insurance solution and explore a range of solutions for personal health insurance in Thailand? Contact Luma for a quote today.