Explore Sun Life Financial Worldwide

Looking for information about Sun Life and our affiliated companies in your area. Select below to travel to a website for information specific to your region.

Worldwide

www.sunlife.com

Bermuda

www.sunlife.com/bermuda

Canada

www.sunlife.ca www.mcleanbudden.com www.sunlifeglobalinvestments.com

China (in Simplified Chinese)

www.sunlife-everbright.com

Hong Kong, SAR

www.sunlife.com.hk

India

www.birlasunlife.com www.sunlife.com/asiaservicecentre

Indonesia

www.sunlife.co.id

Ireland

www.sunlife.ie

Malaysia

www.sunlifemalaysia.com

Philippines

www.sunlife.com.ph www.sunlifegrepa.com www.sunlife.com/asiaservicecentre

Singapore

www.sunlife.com/slf/SG

United Kingdom

www.sunlife.com/us www.mfs.com

Vietnam

http://sunlife.com.vn/
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  1. Home
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  3. Frequently asked questions (FAQs)
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Frequently asked questions (FAQs)

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What is Service Tax in Malaysia?

The Malaysian Government announced that Service Tax is reintroduced on 1 September 2018 by substituting the prevailing Goods and Services Tax (“GST”). Unlike GST which taxes all goods and services unless exemption is provided, Service Tax is a consumption tax charged on certain prescribed services (taxable services) provided in Malaysia by a registered person and any imported taxable services acquired by any person who carries on business in Malaysia.

Will the new Service Tax framework be similar to the previous Service Tax law that was in place before the Goods and Service Tax (GST) was implemented in 2015?

The framework is similar that it is a single staged tax by a service provider. However, there are changes to the prescribed services that are taxable based on the proposed taxable services list.
 

Who can charge and collect Service Tax?

Service Tax registrants such as Sun Life Malaysia is allowed to charge and collect the Service Tax.

What is the impact of Service Tax to my policy/contract? Will there be any new policy/contract issued?

Life insurance policy or family takaful contract sold to an individual is not a taxable service and hence, the premium or contribution is not subject to Service Tax. However, life insurance policy or family takaful contract sold to a business organisation is a taxable service and hence, the premium or contribution is subject to Service Tax at 6%. There will be no issuance of new policy/contract.

If I have paid for my policy/contract at the beginning of the year for coverage period from 1 January 2018 to 31 December 2018, will I be charged Service Tax for my premium/contribution from September 2018 onwards?

If you have made full payment for the total premium/contribution including GST, you will not be charged for Service Tax for the coverage period from 1 September 2018 to 31 December 2018.

In the past GST regime, life insurance policy/family takaful contract was exempted from GST while PA insurance, medical & health insurance and critical illness insurance without death benefit were subject to GST. Is the same applicable for Service Tax?

No, only life insurance policy/family takaful contract sold to business organisation will be subject to Service Tax.

How will I be informed on the impacted area in my policy/contract with the new changes to the Service Tax? Do I need to do anything to get this notification?

An SMS notification will be sent to you on the revised amount of your premium/contribution (inclusive of Service Tax). As this is part of the government regulatory, no action is required including your consent. Do ensure that the contact details in your policy is accurate and up-to-date.

Is Service Tax applicable to the surrender value and/or maturity value of my policy/contract?

No. This service tax will not affect the surrender value and/or maturity value of my policy/contract. To find out about the amount of the surrender value and/or maturity value, please contact your advisor.
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Sun Life Malaysia Assurance Berhad
Registration No: 199001005930 (197499-U)

Sun Life Malaysia Takaful Berhad
Registration No: 200501012215 (689263-M)
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Privacy Notice Site Map
© Sun Life Malaysia. All Rights reserved.
Sun Life Malaysia Assurance Berhad
Registration No: 199001005930 (197499-U)

Sun Life Malaysia Takaful Berhad
Registration No: 200501012215 (689263-M)

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