GROUP PENSION
LIFE INSURANCES TAX ADVANTAGES

LIFE INSURANCES TAX ADVANTAGES

Tax Advantage for the Corporation

%5'iLife insurance premiums paid in the name of employees, which are considered wages, are tax-deductible for up to 5 % of the wages received in the month of payment and up to the annual amount of the gross minimum wages in a given year.

Tax Advantage for the Employee

Wage earners may deduct the life insurance premiums they pay in their own name and/or in the name of their spouses from the Income Tax base for up to 5 % of their monthly gross wages and up to the annual amount of the gross minimum wages in a given year.

If you as an employer pay both private pension contributions and life and/or health insurance premiums in the name of your employees, you may benefit from a tax deduction for up to:

*10 % of the monthly gross wages of your employee for private pension; and
*5 % of his/her gross wages for life and health insurance, provided that such deduction in total does not exceed 10 % of the monthly gross wages of the employee and does not exceed the annual amount of the gross minimum wages in a given year.

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