The terms "life insurance" and "annuity insurance" as used in
Subparagraph 2, Paragraph 1, Article 12 of the Act shall refer to the
life insurance contracts and the annuity insurance contracts coming into
force after 1 January, 2006.
Regarding to the insurance referred to in Subparagraph 2, Paragraph 1,
Article 12 of the Act, if the aggregate amount of death insurance benefit
received by a taxpayer in a whole year is less than New Taiwan Dollar
Thirty Million (NTD30,000,000) such income shall not be included in the
amount of his/her consolidated income; whereas, if the foregoing
aggregate amount paid to the said taxpayer exceeds New Taiwan Dollar
Thirty Million (NTD30,000,000), then the portion of such insurance
benefit in excess of NTD30,000,000 shall be added in whole amount to the
aggregate amount of his/her consolidated income.