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Thai Official Says Rebates Hold Key to Growth for Insurance Industry.
Byline: Phusadee Arunmas
Jan. 7--The life insurance business could grow by 30 percent this year if the government can be persuaded to increase the maximum tax deduction for premiums to 50,000 baht a year, according to the Commerce Ministry.
The Revenue Department now allows policy holders to claim up to 10,000 baht as a tax rebate.
If this limit is retained, the ministry projects 17 percent growth for the life insurance industry, with premiums reaching 105.2 billion baht this year. General insurance is expected to grow by 8 percent to 56.2 billion baht in premiums.
Suvarn Valaisathien, deputy commerce minister said that, overall, the ...
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Source: HighBeam Research, Thai Official Says Rebates Hold Key to Growth for Insurance Industry.