Insurance Tax Bill Gazetted

The Government gazetted the Inland Revenue (Amendment) (No. 4) Bill 2018 today.

It provides a tax deduction under salaries tax and personal assessment to those who purchase health insurance for themselves or their relatives under the Voluntary Health Insurance Scheme.

Under the arrangement, a taxpayer can claim deductions for premiums of the insurance scheme paid up to $8,000 per insured person for policies obtained for the taxpayer and all specified relatives. These include the taxpayer's spouse and children, and the taxpayer's or their spouse's grandparents, parents and siblings.

There is no cap on the number of taxpayers who can make a claim for a tax deduction for the same insured person.

The bill will be tabled at the Legislative Council on May 23.