Insurance companies are putting systems in place to complement Government’s Insurance based tax deductions from income year 2022.
That measure of the Income Tax Amendment Act of 2021 will benefit those with property and health insurance.
It will allow them to claim up to EC$8,000 on premiums paid to insure homes. There will also be a tax deduction in respect of individual or family health insurance, for premiums paid.
Individuals will be required to file for tax returns on premiums paid in order to benefit from the concessions for income year 2022.
Agency Manager for Sagicor Life, Brenton Hiliare says this tax relief initiative should encourage those who do not have an insurance policy to apply for one.
Hilaire indicated that there is no limit on premiums paid during the calendar year 2022 on health insurance.
Agency Manager for Sagicor Life, Brenton Hiliare