Pakistan:Regulator seeks permanent sales tax waiver for insurers

The Securities and Exchange Commission of Pakistan (SECP) has proposed exemption of sales tax from health and life insurance on a permanent basis.

The SECP Annual Report 2019 issued on 28 February 2020 disclosed that the regulator took up the issue of imposition of sales tax on life and health insurance with the provincial revenue authorities. The taxes are seen as counterproductive to the growth of the insurance industry.

Since 30 June 2018, the Sindh Revenue Board has resumed withholding exemption from sales tax on life and health insurance, while the Punjab Revenue Authority (PRA) levied a sales tax on these segments.

Efforts are underway to obtain exemption on a permanent basis, the SECP added.

Source: Asia Insurance Review

For online registration follow the link