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Today’s Top Headlines

China Provides Private Health Insurance Tax Relief

by Mary Swire,, Hong Kong

01 January 2016

On December 30, China's State Administration of Taxation (SAT) confirmed that 31 cities in China, including Beijing and Shanghai, will participate in an extended pilot program to allow individuals an income tax deduction for purchasing private health insurance.

From January 1, private health insurance expenditure incurred by individuals will benefit from tax relief, up to a limit of RMB2,400 (USD370) per year. The relief will be available to those who are at least 16 years old and under retirement age.

There is no requirement for prior approval from SAT before individuals can purchase insurance. The relevant details should be included in their subsequent annual tax return.

TAGS: individuals | tax | insurance | China | health care | tax breaks | individual income tax | services | Tax

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