Last updated: January 15, 2013
Life insurance premium deduction will be revised as follows and will be applied from 2013 municipal tax / metropolitan inhabitant tax.
(1) Creation of nursing care insurance premium deduction [applicable limit (upper limit of deduction amount) 28,000 yen]
(2) General life insurance premium deduction [applicable limit (upper limit of deduction amount) 28,000 yen]
(3) Individual pension insurance premium [applicable limit (upper limit of deduction amount) 28,000 yen]
*The total applicable limit [the upper limit of the total deduction amount of (1) + (2) + (3)] is 70,000 yen
| Annual premium paid | Deduction Amount | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 12,000 yen or less | Amount of premium paid | ||||||||
| Over 12,000 yen up to 32,000 yen | Premium paid x 1/2 + 6,000 yen | ||||||||
| Over 32,000 yen up to 56,000 yen | Premium paid x 1/4 + 14,000 yen | ||||||||
| over 56,000 yen | Uniform 28,000 yen |
(1) General life insurance premium deduction [applicable limit (upper limit of deduction amount) 35,000 yen]
(2) Individual pension insurance premium [applicable limit (upper limit of deduction amount) 35,000 yen]
*The total applicable limit [the upper limit of the total deduction amount of (1) + (2)] is 70,000 yen
| Annual premium paid | Deduction Amount | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 15,000 yen or less | Amount of premium paid | ||||||||
| Over 15,000 yen up to 40,000 yen | Premium paid x 1/2 + 7,500 yen | ||||||||
| More than 40,000 yen and less than 70,000 yen | Premium paid x 1/4 + 17,500 yen | ||||||||
| over 70,000 yen | Uniform 35,000 yen |
If the general life insurance premium deduction or personal pension insurance premium deduction is applied to both the new contract and the old contract, the total amount calculated using the respective calculation formulas for the new contract and old contract [the applicable limit for each deduction (deduction The upper limit of the amount will be 28,000 yen].
(1) The 10% tax deduction from the tax amount on retirement income will be abolished.
(2) For retirement income of corporate officers, etc. who have been employed for five years or less, the measure of multiplying retirement income by 1/2 will be abolished.
*Both (1) and (2) will be applied from retirement income to be paid on or after January 1, 2013.
Inagi City Citizens Department Taxation Division Phone: 042-378-2111