FINANCIAL SERVICES | Staff Reporter, Hong Kong

Insurance tax bill gazetted

It enables a tax deduction for residents buying health insurance under the VHIS.

The Hong Kong government gazetted the Inland Revenue (Amendment) (No. 4) Bill 2018 which provides a tax deduction under salaries tax and personal assessment for those buying health insurance under the Voluntary Health Insurance Scheme. 

Also read: Hong Kong ramps up efforts to capture GBA's insurance market 

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 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.

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