Malaysia Car Insurance Agent.GST on Insurance|CheahThimFook.com

It is new year. Looking for Malaysia car insurance agent to renew your motor insurance and road tax online for another year? You have come to the right place at CheahThimFook.com.  We can help you.

Will your car insurance premium decrease or increase in 2015?  One thing is certain, there is imposition of GST on your car insurance premium with effect from 15th April,2015.  All renewal of general insurance policies and takaful general insurance policy except travel insurance as per guidelines after the date are subjected GST.

So will the early renewal of your car insurance policy prior to the date of the imposition for policy expiring after April 15, 20 be subjected to GST?  Currently, we do not have the answer to this specific question.

Malaysia Car Insurance Agents are required to register with the Royal Malaysian Customs Department (RMCD)for the imposition of the Goods and Services Tax(GST)  effective 1 April, 2015 if your taxable turnover for the past 12 months exceeds RM500,000.  GST will replace the current Sales and Services Tax in Malaysia.

In the past practice for the increases in Malaysia Motor Tariff in the last couple of years, any car insurance policy due within one month after the cut off date but renewed before the cut-off date were still entitled to the old tariff rate which was a little saving for those car insurance policyholders.

The cost of petrol and diesel in Malaysia has dropped by 35 sen per litre for RON95 to RM1.91 per litre and to RM2.11 per litre for RON 97 and by 30 sen per litre to RM1.93 for Diesel respectively effective 1st January, 2015. It is definitely a good news for motorists. Will cost of other goods reduce following the drop in fuel prices?

The last revision on Malaysia Motor Insurance Tariff is February 15, 2014.  The road tax table of schedules were last revised after the budget 2009.

We wish you a safe journey on the road always whenever you are on the wheels.

Contact us for motor car insurance and road tax renewal free quotation. CheahThimFook.com mobile no. 012 -477 3450

 

 

 

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