GST FAQs: Life Insurance & Takaful

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1 GST FAQs: Life Insurance & Takaful January 2015

2 Table of Contents Insurance/Takaful Products, Premium/Contributions and Fees... 1 Mixed Supplies and GST Treatment... 3 Discount... 3 Insurance Related Services... 3 Tax Invoice... 4 Page 1

3 Insurance/Takaful Products, Premium/Contributions and Fees Q1: What types of insurance policies are subject to GST? Will I be charged GST on any insurance products purchased? A1: GST of 6% will be charged on insurance products that fall under the following categories: General Insurance i.e. motor, personal accident, medical, house, asset insurance etc. Life Personal Accident and Life Medical products including riders. Insurance products which are not subject to GST include: Life insurance i.e. whole life, endowment, term life, investment linked etc. Insurance which covers risks located outside of Malaysia is also not subject to GST. These include: Overseas investment insurance Travel insurance for international journeys Export credit insurance services Q2: What is the GST implication on the personal accident policies (PA) sold to pupils studying in public or private schools, colleges, universities and other institutions of higher learning? A2: The insurance policies sold to students in educational institutions will be subject to GST at standard rate. Q3: What is the GST implication on a PA policy/ takaful plan sold in a package with other goods or services that are subject to GST? A3: The package of goods or services and PA will all be subject to GST. However, if the package consists of PA and a life/ takaful insurance rider, the insurer will be required to apportion the premium according to the proportion of taxable and exempt services. The proportion for the exempt service will not be subject to GST while the proportion for general insurance will be subject to GST at 6%. Q4: What is the GST implication on the PA policies purchased by an Educational Institution from Indonesia from a registered insurer or takaful operator in Malaysia to insure their scholars studying in universities and other institutions of higher learning in Malaysia? A4: The supply of a group PA to the Educational Institution from Indonesia for its scholars in Malaysia will be subjected to GST at a standard rate. Q5: What is the GST implication on a life policy/ family takaful plan sold in a package with goods that are subject to GST? A5: Since the life policy/ family takaful will be an exempt service and the goods will be subject to GST, the supplier will be required to apportion the single charge. The proportion for the exempt service will not be subject to GST while the proportion for goods will be subject to GST at 6%. Q6: What is the GST treatment on the policy surrender fee charged and the cash value paid out by the insurer or takaful operator when the policyholder surrenders a policy? A6: The surrender fee will be subject to GST at a standard rate while the cash value paid out is not subject to GST. Q7: What is the GST implication on stand-alone non-life policies issued by life insurer or family takaful operator? A7: The stand-alone non-life riders will be subjected to GST at a standard rate. Page 2

4 Q8: An insurer provides investment-linked takaful or investment linked insurance plans and charge fees such as establishment cost/initial charge (for policy issuance and marketing), a monthly management fee and a monthly managed portfolio fee (for managing the investments of the funds), policy fees (ongoing administration costs of the premium plan) and bank handling fees to policyholders. Will these fees be subject to GST? A8: The fees charged are subject to GST at standard rate. Q9: What are the GST implications in the event of a cancellation of a non-life insurance policy, which entails a refund of premium to the policyholder? A9: The insurer or takaful operator needs to raise a credit note when he refunds the premium, subsequently adjust his accounts, and reduces output tax in the return for the taxable period in which the credit note was issued. Q10: Fees are charged for processing termination/surrender of group and individual ordinary life/family takaful plans due to expiry and other causes such as switching to other plans. Are the fees subject to GST? A10: Yes, the fees are subject to GST at a standard rate. Q11: I participated in investment-linked Takaful plan and was charged fees such as wakalah fee, tabarru (donations), monthly service fee and fund management fee. Are these fees subject to GST? A11: The fees charged are subject to GST at standard rate, and wakalah fee is out of scope of GST. Tabarru' is subject to GST if the coverage offered is non-life in nature. Mixed Supplies and GST Treatment Q12: What will be the GST treatment on a medical insurance plan and a PA plan? A12: Medical insurance and PA will both be subject to GST at 6%, irrespective of whether they are provided on a standalone basis or as policy riders. The same also applies to similar products provided by general takaful and family takaful operators. Q13: What is the GST implication on non-life policies (personal accident, medical and health policies) attached to individual or group life insurance policies? A13: The premium of the non-life policies will be subject to GST at a standard rate while the premium for the individual or group life policy will not be subject to GST as it is an exempt supply. Discount Q14: How is GST calculated on the premium if an insurance agent gives a discount on the premium for a general product to a regular client? A14: When an insurer or takaful operator gives a discount on the premium, GST is charged on the discounted amount. However, for discounts given by agents on the premium, it will not be taken into account for purposes of GST as the agents are not regulated by Bank Negara Malaysia to give such discounts. Insurance Related Services Q15: What is the GST treatment on insurance policies sold by way of telephone sales services? A15: The GST treatment of the policy sold will depend on the type of insurance policy. The channel of sales (i.e. telephone, bancassurance, direct sales) does not affect the GST status of the policy. Page 3

5 Q16: In the course of selling insurance, some agents or brokers provide non-financial services such as advice on risk-control programs, insurance evaluation and financial or estate planning, are these services subject to GST? A16: If non-financial services are provided by an insurance agent or broker by which there is a consideration for the services supplied, such services are subject to GST at a standard rate. However, if there is no consideration for the services then these services will not be subjected to GST. Q17: The takaful operator charges a fee to the participant s fund when the participant surrenders his certificate to the takaful operator. Is this fee subject to GST? A17: Yes, the fee is subject to GST at a standard rate. Q18: The contributions collected by a takaful operator for a personal accident takaful plan is credited into the participants fund. Is the contribution subject to GST when the contribution is credited into the fund? A18: The contribution is subject to GST when the takaful operator bills the participant for the supply of the takaful plan. Q19: What is the GST treatment on surplus sharing and income derived from investment made by takaful operators for the participant? A19: Investment income payout is outside the scope of GST and therefore not subject to GST. Q20: Being a policy/ certificate owner, how can I claim back the GST which I have paid for my premium/ contribution? A20: Policy/ certificate holders can only claim back the GST paid if the policyholder is GST registered, have a valid tax invoice and the policy/ certificate taken was for the purpose of their business and not blocked from input tax recovery. Tax Invoice Q21: Can I treat insurance renewal notice (automatic renewal of the insurance as per the anniversary date) as a tax invoice? A21: No, you cannot treat the insurance renewal notice as a tax invoice. Q22: Is an offer letter or quotation to a prospective insurance client treated as a tax invoice? A22: No, these documents will not be treated as tax invoice because you will not know whether there will be a supply when these documents are issued. Q23: Will the company send me the tax invoice for the premium that I paid? A23: Yes, if the policy is subject to GST. This Frequently Asked Questions (FAQs) will be updated as and when there are changes received from Custom. For further information, please visit the official GST website at Source: 1. Royal Malaysian Customs guide Page 4

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