Some life assurance policies contain elements of savings or investment. Such policies often mature during the active lifetime of the policyholder or based on an agreed tenure.
Section 33(4d) of the Personal Income Tax Act (PITA), 2011 as amended provides for tax deductibility of premium on life insurance and deferred annuity on an individual's life or their spouse subject to certain conditions.
Read our alert below for further details.
Download PwC Tax Alert_Treatment of Life Insurance Premium_Sep2017
Download LIRS NOTICE_TREATMENT OF SAVINGS ELEMENT ON INSURANCE PREMIUM_SEP 2017
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.