Swiss insurer Zurich Malaysia (Zurich Life Insurance Malaysia Bhd, Zurich General Insurance Malaysia Bhd and Zurich Takaful Malaysia Bhd) said today it will absorb the 6% goods and services tax (GST) incurred for new applications and renewal of insurance policies and takaful certificates for this month.
This is in view of the recent announcement made by the government on the zero-rating of the consumption tax come June 1.
In a statement today, Zurich Malaysia said the GST incurred for all new individual life insurance policies and family takaful certificates issued between May 1 and May 31 will be credited back to the customers by the company.
“For its general insurance and general takaful business, the company will absorb the GST of which the effective date falls between May 20 and 31. The absorption is applicable to both new applications and renewal of policies or certificates,” it added.