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Form 100. Personal Income Tax Return Declaration 2017 Business social welfare plans

The taxable base will reduce the contributions made by workers to the company pension plans, including the contributions of the policyholder.

Corporate social welfare plans must meet the following requirements:

  1. The principles of non-discrimination, capitalisation, irrevocability of contributions and the attribution of rights established in article 1 of the Act on the Regulation of Pension Plans and Funds will apply to this type of insurance contract. 5

  2. The policy will have the premiums that the policyholder must pay, in compliance with the social security plan, which will be subject to allocation to the insured parties.

  3. The terms and conditions of the policy shall be expressly and prominently stated that it is a business social welfare plan. The name of the Business Social Welfare Plan and its acronym are reserved for insurance contracts that meet these requirements.

  4. The contingencies covered must only be those provided for in article 8,6 of the Consolidated Text of the Pension Plans and Funds Regulation Act, and must have as their main cover retirement. Only the total or partial advance provision will be permitted in these contracts in the cases provided for in Article 8,8 of the aforementioned Consolidated Text.

  5. This type of insurance must offer an interest guarantee and use actuarial techniques.