Tuesday, August 9

Zero GST for life, general insurance and takaful products


KUALA LUMPUR: The General Insurance Association of Malaysia (PIAM), Life Insurance Association of Malaysia and Malaysian Takaful Association announced that life and general insurance companies and takaful operators in Malaysia will be charging the Goods and Services Tax (GST) at zero per cent effective June 1, 2018.

The zero per cent charge applied to all insurance/takaful products and services rendered which were previously subject to GST at six per cent, the associations said in a joint statement yesterday.

This is in line with the recent announcement by the Ministry of Finance and Royal Malaysian Customs Department on the reduction of the standard rate of GST to zero per cent from six per cent effective June 1.

In the event of any queries pertaining to GST for any insurance/takaful products purchased or services rendered, members of the public are advised to contact their respective insurers or takaful operators for clarification, the statement added. — Bernama