Updates on health insurance products qualified fo... | KPMG | CN

Updates on health insurance products qualified for preferential IIT treatment

Updates on health insurance products qualified fo...

The China Insurance Regulatory Commission (CIRC) issued Bao Jian Fa [2015] No. 82, introducing pilot administrative measures for health insurance products which will qualify for preferential individual income tax treatment as prescribed in the Notice on Individual Income Tax Treatment on Commercial Health Insurance (Cai Shui [2015] No.56). Employers should keep a close watch on the list of qualified insurance companies to be announced by the CIRC, and make informed decisions on selecting appropriate commercial health insurance products for their employees in order to utilise the preferential tax treatment and optimise the remuneration package.

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