GOODS AND SERVICES TAX (GST) AT 0% FOR LIFE, GENERAL INSURANCE AND TAKAFUL PRODUCTS WITH EFFECT FROM 1 JUNE 2018

Kuala Lumpur, Monday, 4 June 2018 – Persatuan Insurans Am Malaysia (PIAM), Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) wish to advise that following the recent announcement by the Ministry of Finance and Royal Malaysian Customs on the reduction of the standard rate of GST from 6% to 0% with effect from 1 June 2018, life and general insurance companies and takaful operators in Malaysia will be charging GST at 0% for all insurance/takaful products and services rendered which were previously subject to GST at 6%. 

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