The Finance Minister presented Budget 2024 on October 13, 2023, announcing a Service Tax rate increase from 6% to 8%, effective March 1, 2024 ("Effective Date"). The Finance Bill is approved, awaiting the gazette order. This change affects Tokio Marine Insurans (Malaysia) Berhad ("TMIM") policies, excluding specific exemptions.
TMIM advises that, pending the gazette order and further information from the relevant authorities, the current 6% policy premium rate remains until February 29, 2024. This includes renewals or new policies issued in advance before the Effective Date, with the policy coverage beginning on or after the Effective Date.
The Company reserves the right to collect the Service Tax due on the policy premium from the Effective Date and any other period stipulated and legislated by the Government of Malaysia.
For enquiries, please reach out to our Customer Service Representatives through the following channels or contact your respective marketing support personnel at TMIM:
Your attention and continued support are highly appreciated.
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