GST Treat­ment on Insurance/Taka­ful – A Spe­cial Brief­ing for the In­dus­try

Insurance - - MII HIGHLIGHTS -

The Malaysian Insurance In­sti­tute (MII) in col­lab­o­ra­tion with the Royal Malaysian Cus­toms Depart­ment or­gan­ised a one-day brief­ing ses­sion on GST Treat­ment on Insurance/Taka­ful that was held on 9 Oc­to­ber 2013 at Sasana Ki­jang, Bank Ne­gara Malaysia, Kuala Lumpur. The pur­pose of the brief­ing was to pre­pare the insurance and taka­ful in­dus­try about the new in­dus­try GST, which is ex­pected to be im­ple­mented soon and also to pro­vide more in­for­ma­tion and guid­ance on the GST state of af­fairs. Since the tabling of the draft for the Malaysian Goods and Ser­vices Tax (GST) Bill in 2009, the Royal Malaysian Cus­toms has re­leased var­i­ous draft guide­lines, in­clud­ing the GST Guide for Insurance and Taka­ful for pub­lic feed­back. A se­ries of pub­lic con­sul­ta­tions was also con­ducted na­tion­wide. The speaker of the pro­gramme, Puan Nur Hanisah Dukes Ab­dul­lah, Se­nior As­sis­tant Di­rec­tor of Cus­toms I, GST Spe­cial Task Unit from the Royal Malaysia Cus­toms Depart­ment pre­sented to a to­tal of 469 par­tic­i­pants from 98 or­gan­i­sa­tions across the insurance and taka­ful sec­tor.

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