Insurance News
Brief insurance news and digest for the busy executives. A handy insurance news archive with main focus on Malaysia. Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we will not be liable for any loss arising from the use of any information contained in this blog. You may reproduce materials published here provided the source (news.actuaries.com.my) is properly acknowledged.
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Friday, 29 August 2008
LIAM Calls for Tax Incentives in Budget
Life Insurance Association of Malaysia (LIAM) has called for the following additional tax incentives, to be announced in Budget 2009 today:- Separate the tax relief of RM6,000 that is currently given to approved fund contributions and insurance premiums, so that each will be entilted to RM6,000. This mirrors the call by MIT.
- Increase the existing RM3,000 tax relief on education and medical insurance to RM6,000.
- Remove the 8% tax on investment earnings that is currently imposed on life insurance funds.
- Provide tax incentives for establishment of private pension schemes.
Meanwhile CIMB Aviva Takaful calls for life insurance and takaful contributions to be tax-exempt up to RM10,000 and education and medical insurance premiums to enjoy RM5,000 tax relief.
Source: Business Times
Labels: CIMB Aviva, LIAM, Taxation
About Me
- Name: Teh Loo Hai
- Location: Kuala Lumpur, Malaysia
Loo Hai is an actuarial recruiter cum actuarial consultant. He has over 20 years of work experience gained in Malaysia and Australia in the actuarial, insurance, takaful and pension fields.
Previous Posts
- Pesona Lady
- Great Eastern Turns 100
- MNRB Counts on Takaful
- MIT Calls for Separate Tax Relief for Premium
- Allianz's Deadline Extended by 1 Year
- Market Select
- News in Brief for the Week
- 10% Mudharabah Payment
- MNRB Retakaful to Increase International Business
- PruBSN to Boost Non-Muslim Market
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