Are you aware of the fact that you will be able to benefit from the tax reduction by means of the life insurance premiums which are paid by you for yourself, your spouse and children?
If you are in the nature of a wage employee, you will be able to use 50% of the premiums paid by you with respect to the permanent life insurance policies of yourself, your spouse and your kids. Meanwhile, you will be able to use the entire amount of the premiums paid by you with respect to other life insurances such as the death, accident, health, disease, injury, unemployment, maternity, birth and education provided that these amounts will not exceed 15% of the monthly gross wage and the total amount of the gross minimum wage.
If you are in the nature of a self-employed person, you will be able to use 50% of the premiums paid by you with respect to the permanent life insurance policies of yourself, your spouse and your kids. Meanwhile, you will be able to use the entire amount of the premiums paid by you with respect to other life insurances such as the death, accident, health, disease, injury, unemployment, maternity, birth and education provided that these amounts will not exceed 15% of the annual stated income and the total amount of the annual gross minimum wage. In the case where the taxpayer submits separate declarations for his/her spouse and children, the premiums and contribution amounts which are paid in terms of the spouse and children shall primarily be deducted from their income.
