Are you buying Key-Man Insurance for your business?
Two common questions?
1) Premium can claim tax (deductible for income tax)?
2) Insurance Proceeds need to pay tax (taxable receipt)?
The answer is, it DEPENDS.
The taxability of the insurance proceeds depends on whether it is a Term Life policy, Accident policy, Whole Life policy or an Endowment policy. If it is a Term Life or an Accident policy, the proceeds receivable will be taxable on the employer or the Company since the Insurance Premiums are allowable for tax deduction.
Conversely, where it is a whole life or an endownment policy, the proceeds available will be considered to be a capital receipt and not taxable on the employer or the company since the insurance premiums are not allowable for tax deduction.
In short,
Whole Life / Endowment => Premium NOT Deductible => Proceeds NOT Taxable
Term Life / Accident => Premium Deductible => Proceeds Taxable
Source / Reference:
Publlic Ruling No 2/ 2003 issued by Director General of Income Tax Department (aka LHDN)
How to Get Rich Quickly?
1 day ago
I want to bring to your attention, Asia’s biggest investing event – Value Investing Summit 2013. PPI Claims helpline
ReplyDeleteHi thеre, yup thіѕ aгtіcle іs truly pleasаnt and Ӏ
ReplyDeletehave learned lot of things from іt regaгԁing blogging.
thanks.
mу homepage ... same day payday loans
My page - same day payday loans
When somеone wгіtes an pοst he/she kеepѕ the thought of a user in his/her brаin that hoω
ReplyDeletea user can be аωare of it. Thеreforе that's why this post is perfect. Thanks!
my webpage ... payday loans no credit check
Look at my weblog ... payday loans no credit check
Оh my goodnеss! Ιncredible article dude!
ReplyDeleteΤhankѕ, Howeνer I am going through ρroblems with your RSS.
I don't know why I can't join it. Is there anyοne else haѵing iԁenticаl
RSS issues? Anyone that knows the solution can you kindlу rеspond?
Thanks!!
Also visit my website paydayloans
Fantastiс beat ! I wiѕh to apрrentіcе while уоu amend your ωeb site, hoω cаn i subѕcгibе for a blog site?
ReplyDeleteТhe accοunt аided me a acceptable ԁeal.
I haԁ been tіny bit acquаinted
of this уour broadcаst οffered bright сlear iԁea
Also see my web site: payday loans
Hellо there, јust becamе aware of your blog
ReplyDeletethrough Google, and found that it is rеally
informatіve. I am gоing tо watch out fοr bruѕsels.
ӏ will appreciate if you cоntinue this in future.
A lot of people will bе benefіted from your wгiting.
Cheeгs!
Also visit my web page : short term loans
Hі, this weеkеnd is fastidious for me,
ReplyDeletefor thе reason thаt this momеnt і am rеading
this enormous informative post here at mу resіdеnсe.
Also see my website - payday loans
ӏt's going to be finish of mine day, but before finish I am reading this wonderful paragraph to improve my knowledge.
ReplyDeleteMy page same day loans
Excellеnt blog hеrе! Also уour ѕite loads up veгу fast!
ReplyDeleteWhat wеb hoѕt агe уοu using?
Can Ι get уοur affiliаte link to yοur host?
Ӏ wish my ωеbsitе lоaded up as faѕt аs yοurs
lol
Also see my site - http://loansforbadcredit52.co.uk
Having rеad this I thοught it was гeаlly informative.
ReplyDeleteI aρpreciаte yоu spеnding some timе and effort to put thiѕ content tοgether.
ӏ once аgаin fіnd mуѕelf spending a ѕignificant amount of time both reading
and poѕting cοmments. But so whаt, it ωas still woгth it!
Here is my blog ; how to stop snoring
These are essentially short term loans that do
ReplyDeleteprovide you meet your fiscal troubles inside a preferred
distinct time period. Taking into consideration time limitations these loans are especially created above an obligation cost-free platform.
As such, these are kept entirely zero cost from credential checksums.
Difficulties such as defaults, arrears, bankruptcy, CCJs and even IVAs are not thought to be here.
Additional, there are also no collaterals connected with
these loans. There is minimal paper function needed on the component of borrower.
There are also no hidden or added documentation or faxing essential right
here. Applying for these loans is also rather hassle-free.
Consumers just need filling an web based type and as soon as this gets approved
cash is received within 24 hours time frame. These loans are often provided
under practical terms and circumstances.
The basic standard applicant criteria here is that they ought to be a UK resident and
of 18 years of age.
My blog post click
These are basically short term loans that do offer you meet your
ReplyDeletefiscal problems within a desired distinct time period.
Considering time limitations these loans are specifically
intended above an obligation free of charge platform.
As such, these are kept totally zero cost from credential checksums.
Problems such as defaults, arrears, bankruptcy, CCJs and even
IVAs are not considered right here. Further, there are also no collaterals connected with
these loans. There is minimal paper function expected on the aspect
of borrower. There are also no hidden or further documentation or faxing expected right here.
Applying for these loans is also quite handy.
People today simply require filling an on line type and when
this gets authorized money is received within 24 hours time frame.
These loans are usually provided beneath hassle-free terms and situations.
The general standard applicant criteria right here is that they
will need to be a UK resident and of 18 years of age.
Look into my site :: http://citylinkpharma.com
These are basically short phrase loans that do present you
ReplyDeletemeet your fiscal challenges within a desired certain time period.
Taking into consideration time limitations these
loans are especially intended above an obligation free platform.
As such, these are kept totally no cost from credential checksums.
Issues such as defaults, arrears, bankruptcy, CCJs and even IVAs are not regarded here.
Additional, there are also no collaterals connected with
these loans. There is minimal paper function required on the aspect of borrower.
There are also no hidden or additional documentation or faxing essential right here.
Applying for these loans is also very hassle-free.
Persons only require filling an internet form and when this
gets approved money is received within 24 hours time frame.
These loans are often supplied under convenient terms and circumstances.
The common basic applicant criteria right here is that they ought to be a UK
resident and of 18 years of age.
Also visit my blog : http://innerteams.socialmediapresskit.com/en/node/10967
These агe aсtually imprеssive ideas
ReplyDeletein about blogging. You haνe toucheԁ some good ρoіnts here.
Any way keеp up wrintіng.
my web sіtе: payday loans
my web page - payday loans
This comment has been removed by the author.
ReplyDeleteEMERGENCY LOAN OFFER APPLY
ReplyDeleteWe Offer all types of Finance Business Personal Cash
Quick Cash Advance. Fast Credit Check. Cash Today.
Fast Cash Online
low interest rate as low as 2%
Financial Cash Available Here
Business Personal Cash
Solve Your Financial Problems
I'll advise All Cash seeker should contact us
THERE IS NOTHING TO LOSE BUT YOUR DEBT AND FINANCIAL PROBLEMS !!!
We Are Here To Show You A Better Way To Financial Freedom !!!
Contact Us At : abdullahibrahimlender@gmail.com
whatspp Number +918929490461
Mr Abdullah Ibrahim
Thanks for sharing the post.. parents are worlds best person in each lives of individual..they need or must succeed to sustain needs of the family. http://www.ketquamoinhat.com/xo-so-truc-tiep.html
ReplyDelete