Malaysia: Tax exemptions to benefit 4.4m insurance and takaful policyholders
Source: Middle East Insurance Review | Jan 2019
The Finance Ministry has announced tax exemptions for all individual policyholders who had bought or renewed an insurance or general takaful policy for motor, fire or accident insurance during the tax holiday period from 1 June to 31 August 2018, reported The Star.
Minister Lim Guan Eng said insurance or takaful operators are required to reimburse any services tax they had charged their policyholders.
He estimated that 4.4m policyholders would receive refunds totalling MYR132m ($31.6m). He said insurance and general takaful policies have been subject to the services tax since 1 September 2018. M