Singapore Tax Agency Issues Updated e-Tax Guide on Deductibility of Keyman Insurance Premiums

The Singaporean Inland Revenue Authority Aug. 29 issued an updated e-Tax guide on the deductibility of premiums paid for “keyman” insurance policies, to protect against losses stemming from the death or disability of key personnel. The guide covers topics such as conditions and procedures for claiming the deduction, the taxation of recoveries, and grounds for denying the deduction. The guide is updated to include that: 1) from assessment year 2019, premiums on policies with employers as the beneficiary, and with no contractual duty to pass payouts on to employees or their families, are also deductible; and 2) payouts made under ...