GST impact on life insurance and health sectors
The Government has earmarked a major revamp of the Malaysian tax system with the proposed introduction of a goods and services tax (GST). The GST will tax all goods and services other than those that are specifically exempted or treated concessionally as zero rated (such as food and exports). Under the GST, businesses will be able to claim a credit for GST paid (input tax), enabling them to avoid the burden of the tax. However, for suppliers of exempt goods and services, no input tax credit is available and they will have to bear the GST costs. The attached newsletter focuses on the GST implications for the life insurance and health sectors.
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