Life Insurances Tax Advantage

Life Insurances Tax Advantage

Are you aware of the fact that you will be able to benefit from the tax reduction by means of the life insurance premiums which are paid by you for yourself, your spouse and children?

Wage Employees

If you are in the nature of a wage employee, you will be able to use 50% of the premiums paid by you with respect to the permanent life insurance policies of yourself, your spouse and your kids. Meanwhile, you will be able to use the entire amount of the premiums paid by you with respect to other life insurances such as the death, accident, health, disease, injury, unemployment, maternity, birth and education provided that these amounts will not exceed 15% of the monthly gross wage and the total amount of the gross minimum wage.

Monthly gross wage 2.000 TL
Maximum premium amount that can be deducted from tax assessment (gross wage x 15%) 300 TL
Annual limit Yıllık brüt asgari ücret
Permanent life insurance premium 150 TL
Personal insurance premium 150 TL
Monthly taxable income 2.000 – (150 + 75) = 1.775 TL*
Income Tax to be paid if the tax rate is (25%) 1.775 x %25 = 443,75 TL
Income Tax to be paid if no premium is paid 2.000 x %25 = 500 TL
Tax earnings 56,25 TL

* Since the tax basis shall be lower, the income tax to be paid shall be lower as well.

Self-Employed Person

If you are in the nature of a self-employed person, you will be able to use 50% of the premiums paid by you with respect to the permanent life insurance policies of yourself, your spouse and your kids. Meanwhile, you will be able to use the entire amount of the premiums paid by you with respect to other life insurances such as the death, accident, health, disease, injury, unemployment, maternity, birth and education provided that these amounts will not exceed 15% of the annual stated income and the total amount of the annual gross minimum wage. In the case where the taxpayer submits separate declarations for his/her spouse and children, the premiums and contribution amounts which are paid in terms of the spouse and children shall primarily be deducted from their income.

Exemplary Implementation

Stated annual income 20.000 TL
Maximum premium amount that can be deducted from tax assessment (gross wage x 15%) 3.000 TL
Annual limit Yıllık brüt asgari ücret
Annual income tax assessment 20.000 - 3.000 = 17.000 TL*
Income Tax to be paid if the tax rate is (25%) 17.000 x %25 = 4.250 TL
Income Tax to be paid if no premium is paid 20.000 x %25 = 5.000 TL
Tax earnings 5.000 - 4.250 = 750 TL

* Since the tax basis shall be lower, the income tax to be paid shall be lower as well.

SOCIAL MEDIA ACCOUNTS

YANLIŞ SİGORTA UYGULAMALARI
TC Başbakanlık Hazine Müsteşarlığı tarafından 06/07/2011 tarih ve 2011/15 sayı ile yayımlanan Yanlış Sigorta Uygulamalarının Tespiti, Bildirimi, Kaydı ve Bu Uygulamalarla Mücadele Usul ve Esasları Hakkında Yönetmeliğin Uygulama Esaslarına İlişkin Genelge'de " Sigortalı, sigorta ettiren, lehtar, hak sahibi sıfatını haiz olduğunuz sigorta ilişkisinde tarafınıza ya da üçüncü şahıslara menfaat sağlamaya yönelik herhangi bir eyleme sebebiyet vermeniz durumunda, tazminatı eksik alma veya alamama halleri ortaya çıkabileceği gibi Türk Ceza Kanunu ile 30 Nisan 2011 tarih ve 27920 sayılı Resmi Gazetede yayımlanan 'Yanlış Sigorta Uygulamalarının Tespiti, Bildirimi, Kaydı ve Bu Uygulamalarla Mücadele Usul ve Esasları Hakkında Yönetmelik' hükümleri çerçevesinde işlem tesis edilecektir " hükmü yer almaktadır.

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