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Malaysia grants tax exemptions on insurance premiums

Malaysia’s Finance Ministry has announced tax exemptions for all individual policyholders who had bought or renewed an insurance policy during the tax holiday period from 1st of June to 31st August 2018.

Bernama reports that the exemption covers conventional motor, fire and accident insurance, as well as its takaful equivalents.

Finance Minister Lim Guan Eng said that the insurers must reimburse any services taxes they have charged their customers, estimating 4.4million policyholders would receive refunds, totaling RM132 million.

Source: www.insurancebusinessmag.com