This time, we would like to share an important thing to Muang Thai Smile Emagazine readers who plan to exercise tax deduction benefit with life insurance to additionally check what you have done and what to do next. For example, has your life insurance for tax deduction reached the limit specified by the Revenue Department? (Ordinary life insurance up to 100,000 Baht and self-employed health insurance up to 25,000 Baht, but up to 100,000 Baht when combined), or, have you made a request to exercise the tax deduction right to the insurance company yet? For tax consent, many of you would have heard a lot about it, but some might not know what it is. Can I not declare the intention? To make a request, where can I do it? Today, we have the answers for you, and we assure you that all doubts will be resolved.

What is tax consent?

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Tax consent is exercising tax deduction right from insurance premiums by declaring the intention and giving consent to the insurance company to submit and disclose your premium information to the Revenue Department.

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How is tax consent good?

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You can rest assured of exercising tax deduction right from insurance premiums as the insurance company will electronically and automatically submit your premium information to the Revenue Department. Furthermore, for your better convenience, you do not need to request for premium payment certificate, and your premium information to be submitted is also accurate and precise.  

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Can I not declare the intention for tax consent?

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Many of you would wonder whether you can choose not to declare the intention for tax deduction right. The answer is, if you do not declare the intention, you are not entitled to the tax deduction right from insurance premiums based on the Revenue Department’s regulations. If you plan to exercise the tax deduction right from life insurance premiums, health insurance premiums, annuity premiums, and health insurance premiums of parents, you need to declare the intention to the insurance company before exercising the right.

You can declare the intention through several channels.

MTL Click Application

www.muangthai.co.th

Customer Service Center of Muang Thai Life Assurance nationwide

 

You can declare the intention online. Click 

For more information and checklist, please visit  Click

 

Moreover, do not forget to pay premiums by the last day of tax year. You may need to check the requirements of each insurer regarding the process duration or the last day specified for premium payments. For premium payment channels, Click

 

Remarks:

1. Tax deduction right is subject to the rules of the Revenue Department.

2. The Company would like to cancel the delivery of paper premium payment certificate from the tax year 2021 onwards.

 

 

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