More Tax Breaks Approved

[george]

More tax breaks approved

BANGKOK: -- The Cabinet Tuesday 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.

Those who buy health insurance for their parents will receive tax deductions of up to Bt15,000 per policy or Bt30,000 for two policies, 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.

-- The Nation 2006-06-20