New Service Tax Rate effective 1st March 2024

Dear Valued Customers,

On the 13th October 2023, the Finance-Minister announced in the Budget 2024 that there will be an increase in the Service Tax rate from 6% to 8%, effective from 1st March 2024 (“Effective Date”). The Finance Bill has been approved and is currently awaiting to be gazetted. This change will have an impact on Perlindungan Dan Indemniti Malaysia Sdn Bhd (“P&I Malaysia”), with specific exemptions included.

P&I Malaysia advises that, until the gazette order is issued and further information is provided by the relevant authorities, the current 6% policy premium rate will remain valid until 29th February 2024. This includes renewals or new policies issued in advance of 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 any inquiries, please feel free to reach out to us through the following channel or contact your respective personnel at P&I Malaysia:

Your continued support is most appreciated.

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