For Example:
A policy with coverage period from 1 October 2023 to 30 September 2024 which span across 1 March 2024, the service tax rate will be levied as below:
- From 1 October 2023 to 29 February 2024 - service tax at 6%
- From 1 March 2024 to 30 September 2024 - service tax at 8%
BSIB reserves the right to collect any undercharged service tax for policies processed before 1 March 2024 where the insurance period spans across 1 March 2024.
Policyholders are obligated to pay any applicable taxes including but not limited to service tax and stamp duty that are imposed by the Malaysian Tax Authorities in relation to their policies. Please contact us should you require further information.
Read the Frequently Asked Questions (FAQs) regarding the transitional rules of the Service Tax.