SRB Imposes 15% Sales Tax on Insurance Services in Sindh, Effective Immediately

• Sindh Revenue Board (SRB) imposes 15% sales tax on insurance services in Sindh province
• Amendment introduced through provincial Finance Act, 2024
• Updated working tariff outlines new sales tax rates on various services
• 15% sales tax applies to insurance services provided by insurers, including re-insurers
• Goods, fire, theft, and marine insurance services subject to 15% sales tax
• Life insurance services subject to standard 15% sales tax with provisions for reduced rates and exemptions
• Exemption on sales tax for life insurance services for policies up to five hundred thousand rupees
• SRB aims to increase provincial revenue and ensure consistent tax framework
• Insurance companies and policyholders in Sindh need to adjust to new tax regulations
• Stakeholders in insurance industry advised to stay informed and seek clarity on impact of new tax rates
• Importance of staying abreast of legislative changes and navigating new tax measures in insurance sector.

Source: pkrevenue.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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