Taiwan MOF Clarifies Comprehensive Income Tax Deduction for Insurance Premiums

The Taiwanese Ministry of Finance Oct. 15 clarified the comprehensive income tax deduction for insurance premiums paid for a taxpayer, their spouse, or their dependent direct relatives. The clarification includes that: 1) a taxpayer can’t claim a deduction for the premiums if the policyholder isn’t in the same filing household; 2) the deduction applies to premiums for insurance such as life, labor, military, public, and educational insurance; and 3) the deduction is capped at of NT$24,000 (US$783) per person per year, except for National Health Insurance premiums, which aren’t capped. The clarification also includes an example of what is considered ...