Buy health insurance to get tax relief
Print Edition
RESIDENTS of 31 cities on the Chinese mainland will enjoy income tax exemption from January 1 next year when they buy health insurance as the authorities aim to boost the insurance industry.
Shanghai, Beijing, Tianjin, Chongqing, and one large city in each of the provinces and autonomous regions will pilot the preferential tax policy which allows residents to pay a maximum 200 yuan (US$31) a month from their pre-tax income to buy designated health insurance products, the Ministry of Finance, the State Administration of Taxation, and the China Insurance Regulatory Commission said in a statement yesterday.
People earning between 5,200 yuan and 8,000 yuan a month are able to save 20 yuan a month in income tax if they buy additional health insurance products.
All the employed in the selected cities will be included in the program and can buy the special policies designed by the CIRC and sold by commercial insurance companies.
The policies will offer additional coverage beyond employees’ current medical fund to include critical illness and accidental injury.
GF Securities estimated the total premium of health insurance could rise by 14 billion yuan if 10 percent of income-tax payers buy the products because of the policy.
The authorities released a guideline in May which seeks to provide the insurance sector a boost.
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