Nigeria:
Life Premiums Are Tax Deductible But Not The Savings Component Says LIRS
09 October 2017
PwC Nigeria
To print this article, all you need is to be registered or login on Mondaq.com.
Some life assurance policies contain elements of savings or
investment. Such policies often mature during the active lifetime
of the policyholder or based on an agreed tenure.
Section 33(4d) of the Personal Income Tax Act (PITA), 2011 as
amended provides for tax deductibility of premium on life insurance
and deferred annuity on an individual's life or their spouse
subject to certain conditions.
Read our alert below for further details.
Download PwC Tax Alert_Treatment of Life Insurance
Premium_Sep2017
Download LIRS NOTICE_TREATMENT OF SAVINGS ELEMENT ON INSURANCE
PREMIUM_SEP 2017
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Insurance from Nigeria
The Private Placement Life Insurance In The UAE
Anjarwalla & Khanna
Private Placement Life Insurance (PPLI) is a life insurance policy which can hold a legal and beneficial interest in a range of assets such as financial assets, operating businesses and digital assets
The Duty Of Disclosure - Part 1 of 2
Petra for Law and Intellectual Property (PLIP)
It is a fundamental principle of insurance law that the utmost good faith must be observed by each party. This rule was stated clearly by Lord Mansfield since 1766, when he said1that: "Insurance is a contract upon speculation..."