Following the 31 pilot cities including Beijing, Shanghai, Tianjin and Chongqing allowing taxpayers in these cities to claim a tax deduction in the premium paid for qualified commercial health insurance products, the Ministry of Finance, State Administration of Taxation and China Insurance Regulatory Commission (“CIRC”) jointly issued the Notice on Expanding Pilot Policy of Individual Income Tax on Commercial Health Insurance for Nationwide Implementation on 2 May 2017, requiring that the preferential tax treatment on premiums paid for qualified commercial health insurance products shall be applied on a nationwide basis from 1 July 2017. Companies can obtain the lists of insurance companies which are permitted to sell qualified commercial health insurance products from the official website of CIRC, and assist their employees to purchase qualified commercial health insurance products.
© 2020 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Save what resonates, curate a library of information, and share content with your network of contacts.
You've been a member since