Tax breaks get the nod
The Cabinet has approved tax breaks for people who buy health insurance for their parents and employees of private companies that buy health coverage for them, caretaker Finance Minister Thanong Bidaya said yesterday.
Those who buy health insurance for their parents will receive tax deductions of up to Bt15,000, Thanong said after the Cabinet meeting.Also, the Cabinet approved a resolution to absolve employees of private companies from paying personal income tax on health insurance premiums paid by their employers, Thanong said. The decision overrides a Revenue Department requirement that employers buying group insurance for their employees had to count the benefit as income for employees and accordingly deduct personal income tax. Caretaker Finance Minister Thanong Bidaya said that the tax break for taxpayers who buy health insurance for their parents would not have an impact on the government's revenue collection. However, it would boost to the government's Bt30-universal healthcare programme, as it would prompt people to buy health insurance for their parents. The Nation
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