There are 3 categories of tax that you may be concerned with, personal income tax, corporate tax and other types of taxes. In addition, knowing if the Common Reporting Standard (CRS) regime is in force in your jurisdiction is also important for your future considerations. Insurance solutions may potentially help you overcome some of these taxes. Speak to our AIA Representative today.
Tax and legal considerations
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Tax and legal considerations for succession and legacy planning
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Click on the different jurisdictions below to view the summary of the applicable taxes and CRS status1.
Current tax legislations of your local jurisdiction are subject to changes, we highly recommend you seek professional tax advice on the latest information.
The following information is adapted from the Insurance for High-Net-Worth Individuals, a 2020 report jointly prepared by EY Financial Services and AIA Group Limited and information is correct as of May 2020.
| Individual Tax Rate (Max) | 22% |
| Corporate Tax Rate (Max) | 17% |
| Other Taxes2 | May be applicable |
| Is CRS regime in force? | Yes, as of 1 January 2017 |
1Please note that the above table is adapted from the Insurance for High-Net-Worth Individuals, a 2020 report jointly prepared by EY Financial Services and AIA Group Limited. The above is based on information as of May 2020. It also does not take into account the applicability of estate/ gift tax treaties and avoidance of double taxation agreements (where applicable) depending on your situation. For latest numbers and updated tax regulations, please check with your tax advisors.
2Other Taxes may refer to Inheritance Tax, Estate Tax, Gift Tax and/or related taxes that apply to the different jurisdictions.
| Individual Tax Rate (Max) | 17% |
| Corporate Tax Rate (Max) | 16.5% |
| Other Taxes2 | May be applicable |
| Is CRS regime in force? | Yes, as of 1 January 2017 |
1Please note that the above table is adapted from the Insurance for High-Net-Worth Individuals, a 2020 report jointly prepared by EY Financial Services and AIA Group Limited. The above is based on information as of May 2020. It also does not take into account the applicability of estate/ gift tax treaties and avoidance of double taxation agreements (where applicable) depending on your situation. For latest numbers and updated tax regulations, please check with your tax advisors.
2Other Taxes may refer to Inheritance Tax, Estate Tax, Gift Tax and/or related taxes that apply to the different jurisdictions.
| Individual Tax Rate (Max) | 30% |
| Corporate Tax Rate (Max) | 22% |
| Other Taxes2 | May be applicable |
| Is CRS regime in force? | Yes, as of 1 July 2017 |
1 Please note that the above table is adapted from the Insurance for High-Net-Worth Individuals, a 2020 report jointly prepared by EY Financial Services and AIA Group Limited. The above is based on information as of May 2020. It also does not take into account the applicability of estate/ gift tax treaties and avoidance of double taxation agreements (where applicable) depending on your situation. For latest numbers and updated tax regulations, please check with your tax advisors.
2 Other Taxes may refer to Inheritance Tax, Estate Tax, Gift Tax and/or related taxes that apply to the different jurisdictions.
| Individual Tax Rate (Max) | 30% (from YA 2020 onwards) |
| Corporate Tax Rate (Max) | 24% |
| Other Taxes2 | May be applicable |
| Is CRS regime in force? | Yes, as of 1 January 2017 |
1Please note that the above table is adapted from the Insurance for High-Net-Worth Individuals, a 2020 report jointly prepared by EY Financial Services and AIA Group Limited. The above is based on information as of May 2020. It also does not take into account the applicability of estate/ gift tax treaties and avoidance of double taxation agreements (where applicable) depending on your situation. For latest numbers and updated tax regulations, please check with your tax advisors.
2Other Taxes may refer to Inheritance Tax, Estate Tax, Gift Tax and/or related taxes that apply to the different jurisdictions.
| Individual Tax Rate (Max) | 35% |
| Corporate Tax Rate (Max) | 20% |
| Other Taxes2 | Applicable |
| Is CRS regime in force? | Currently, CRS legislation has not been adopted |
1 Please note that the above table is adapted from the Insurance for High-Net-Worth Individuals, a 2020 report jointly prepared by EY Financial Services and AIA Group Limited. The above is based on information as of May 2020. It also does not take into account the applicability of estate/ gift tax treaties and avoidance of double taxation agreements (where applicable) depending on your situation. For latest numbers and updated tax regulations, please check with your tax advisors.
2 Other Taxes may refer to Inheritance Tax, Estate Tax, Gift Tax and/or related taxes that apply to the different jurisdictions.
| Individual Tax Rate (Max) |
|
| Corporate Tax Rate (Max) | 19% |
| Other Taxes2 | Applicable |
| Is CRS regime in force? | Yes, as of 1 January 2016 |
1Please note that the above table is adapted from the Insurance for High-Net-Worth Individuals, a 2020 report jointly prepared by EY Financial Services and AIA Group Limited. The above is based on information as of May 2020. It also does not take into account the applicability of estate/ gift tax treaties and avoidance of double taxation agreements (where applicable) depending on your situation. For latest numbers and updated tax regulations, please check with your tax advisors.
2Other Taxes may refer to Inheritance Tax, Estate Tax, Gift Tax and/or related taxes that apply to the different jurisdictions.
| Individual Tax Rate (Max) | 37% (Gift tax and GST Tax rate is 40%) |
| Corporate Tax Rate (Max) | 21% (Max federal corporate rate) |
| Other Taxes2 | Applicable |
| Is CRS regime in force? | Not a CRS participating jurisdiction |
1Please note that the above table is adapted from the Insurance for High-Net-Worth Individuals, a 2020 report jointly prepared by EY Financial Services and AIA Group Limited. The above is based on information as of May 2020. It also does not take into account the applicability of estate/ gift tax treaties and avoidance of double taxation agreements (where applicable) depending on your situation. For latest numbers and updated tax regulations, please check with your tax advisors.
2Other Taxes may refer to Inheritance Tax, Estate Tax, Gift Tax and/or related taxes that apply to the different jurisdictions.
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