Smile Emagazine Vol.17 Issue 6.1
To not miss out on tax deduction benefit, make a request to insurance company first.
What is tax consent?
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.
How is tax consent good?
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.
Can I not declare the intention for tax consent?
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.
