Under what conditions can an employee with salary state his/her insurance premiums as discounts?
1- Personal insurance premiums paid to private insurance companies must belong to the taxpayer, his/her spouse and young children.
2- Insurance company and its headquarters must be located in Turkey.
3- Insurance contracts must be made with companies located in Turkey.
4- The insurance premium which has been paid, must be certified.
5- In order to deduct the premiums paid by the taxpayers from the income declared by the annual declaration, these premiums must not be deducted separately in determining the net amount of the fee.
Source: GİB
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