The Inland Revenue Authority of Singapore (IRAS) has published an updated e-Tax Guide, Deductibility of "Keyman" Insurance Premiums (Second Edition). The e-Tax Guide provides guidelines on the deductibility of "keyman" insurance premiums for businesses that incur such insurance premiums to insure against loss of profits from the demise or disability of a "keyman".
As explained in the e-Tax Guide, a "keyman" refers to a key personnel of the business who possesses special qualifications and e…