Singapore Tax Agency Updates Guidance on Tax Treatment of Insurance Policy Premiums for Employers

The Singaporean Inland Revenue Authority Feb. 11 updated guidance on the tax treatment of insurance policy premiums for employers. The update clarifies that beginning in the 2019 year of assessment: 1) an employer may deduct the premiums paid on a group term life insurance policy where it’s the named beneficiary and has no obligation to pass on the policy payout to its employees; and 2) payouts from group insurance policies are fully taxable. [Singapore, Inland Revenue Authority of Singapore, 02/11/19]

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