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tax rebate on foreign country insurance premium payment

Posted 22 July 2014

While residing in New Zealand, my wife and I (both South Africans), took out a life insurance policy each with AIA New Zealand. We have returned to SA and pay the policy premiums annually Paid through my bank, Nedbank, Foreign Exchange. This years premiums totalled r22 000. Premiums increase annually due to the exchange rate. I would like to know whether I can claim a rebate from ZARS when I submit my tax return to ZARS.?

TaxTim Marc TaxTim Marc said:
22 July 2014 at 13:28

These are life policy in the event of death? If so then unfortunately these are not deductible under South African law against income.

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