Malaysia: No GST for life, general insurance and takaful products
Source: Middle East Insurance Review | Jul 2018
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 not be charging the Goods and Services Tax (GST) effective 1 June 2018, reported the New Straits Times.
The 0% charge applies to all insurance and takaful products and services rendered which were previously subject to GST at 6%, the associations said in a joint statement. The move is in line with the recent announcement by the Ministry of Finance and Royal Malaysian Customs Department to abolish GST in the country. M