GST RELIEF FOR FIRE AND MOTOR POLICY SOLD BEFORE 1 APRIL 2015

This recent piece on GST is from the Ministry of Finance….

The Minister of Finance has approved that the following insurance policies sold before 1 April 2015 with coverage spanning 1 April 2015 will be subject to relief from GST:-

i. Fire policy inclusive of basic fire policy and/or houseowner/householder policy; and

ii. Motor policies with third party cover, third party, fire and theft cover and/or comprehensive cover.

The above approval is granted in accordance with Sub-section 56(3)b of the Goods and Services Tax 2014. Also, the premium attaching to those policies must have been paid before 1 April 2015.

The above type of policies sold before 1 April 2015 with cover incepting on or after 1 April 2015 will be subject to the full 6% GST.

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