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China Gives Tax Relief To Private Health Insurance

by Mary Swire, Tax-News.com, Hong Kong

11 May 2015


A tax break for individual taxpayers is to be introduced to encourage the development of commercial healthcare insurance in China, alongside the basic state medical care system, it was confirmed at a State Council executive meeting on May 6.

Under the plans, individuals will enjoy annual income tax deductions of up to a maximum of RMB2,400 (USD387), under a pilot preferential tax policy project to encourage people to buy comprehensive private healthcare insurance.

The Government's intention is to promote the expansion of both private and state services to create a modern healthcare industry. The announcement is seen as a major step for the private health insurance sector in China, which is now expected to grow significantly.

TAGS: individuals | tax | public health | private healthcare | insurance | China | health care | tax breaks | individual income tax | services

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