Bangladesh:Insurers lobby against VAT and other taxes

The Bangladesh Insurance Association (BIA) has demanded the withdrawal of a 15% value-added tax (VAT) on reinsurance commissions in the 2021-22 fiscal Budget.

BIA president Sheikh Kabir Hossain also urged the government to reduce corporate tax for the sector so as to help insurers recoup pandemic-induced losses, according to a report in The Financial Express.

He said 5% advance tax on insurance agents should be suspended for two years because agents are already hit hard by COVID-19.

Mr Hossain said taxes on life and health insurance should be withdrawn to encourage the purchase of health insurance policies.

"More people should come under health insurance as the pandemic showed us how important the policies are," he said.

Source: Asia insurance review