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Thai Tax Rebates Only to Apply to Life-Insurance Policies Sold Locally.
Jun. 5--Tax deductions for life insurance premiums will apply only to policies underwritten in the country, said Suvarn Valaisathien, the deputy commerce minister.
Policies bought via the Internet or issued abroad were not eligible for the tax deduction, which would soon be increased to 50,000 baht, from 10,000 at present, he said.
Potjanee Thanavaranit, the director-general of the Insurance Department, said that although Thailand was committed under the General Agreement on Trade in Services to open its insurance market, with cross-border sales one method of buying policies, the country was not obliged to reduce taxes for policies issued abroad.
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Source: HighBeam Research, Thai Tax Rebates Only to Apply to Life-Insurance Policies Sold...