Kuala Lumpur, 08 February 2024
Thank you for your continued patronage of Hong Leong Bank.
The Ministry of Finance, Malaysia has announced the revision of the service tax rate from the current 6% to 8%, effective 1 March 2024 for selected prescribed taxable services.
For the avoidance of doubt, the service tax is only applicable to business organizations’ life insurance premiums and takaful contributions, while individual life insurance premium and family takaful contribution are not subjected to service tax.
The service tax rate for your General insurance policy / takaful certificate will be revised accordingly.
At Hong Leong Bank, your opinion matters the most to us. Please reach out to us if you have further enquiries or need additional assistance via the Feedback Form located on our website at www.hlb.com.my.