Tag: service tax

Saving on Service Tax | Your Insurance Policy

service tax 2011

Just received news concerning the new service tax application – mainly to do with the timing and cut-off date relevant to the transition process, from the existing rate of 5% to 6%. On December 2nd, 2010 the Ministry of Finance…

Pay up the 1% extra service tax on your insurance premium….

[ad name=”Google Adsense”] Come 1st January 2011 if you own a business you would be required to pay an extra 1% of the premium as service tax. This means an additional RM40 million in service taxes to the government coffer.…

Service Tax on Insurance for Management Corporation

A number of readers wrote in ranting over the issues of service tax applicable on insurance premium for policies issued in the name of Management Corporation (MC) and Joint Management Body (JMB). Some were complaining over inconsistencies adopted by the…

The 5% service tax factor in insurance policy issued in favour of Management Corporation

On 27th July 2009, we have written a post title, “Management Corporation – insurances and service tax waiver” where we have proposed that the 5% service tax on insurance premium should be waived on the grounds that the Management Corporation…