1 March 2013

An administrative concession will apply to group insurance premiums paid by employers on group insurance policies (eg group term life insurance, group personal accident insurance, etc) where employees are entitled to the payout contractually.

Under the concession, which takes effect from the Year of Assessment 2013, group insurance premiums will be exempt from tax in the hands of the employees if the employer elects not to claim a tax deduction for the said premiums in the corporate/business tax filing for the relevant year.

More information can be found on the IRAS website.

Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit http://www.iras.gov.sg for more information.