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Zero GST for life, general insurance and Takaful products
Last update: 04/06/2018

KUALA LUMPUR, June 4 (Bernama) --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 here, today.

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.





US 4.0800/0850
S'pore 2.9770/9811
100 Yen 3.6523/6574
Sterling 5.3064/3146
Euro 4.7222/7292
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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