The Insurance Association of Pakistan (IAP) has said that the Reformed General Sales Tax (RGST) will not be applicable on life insurance premium. It is learnt here on Wednesday that the IAP has written a letter to the FBR Chairman Sohail Ahmed on the applicability of the RGST on the insurance sector.
According to the association''s communication to the Board, the FBR has provided an opportunity to the IAP to present its viewpoint on the RGST on the life insurance premium. The FBR officials have explained that the RGST is proposed to be levied on insurance charges and not the premium. The Insurance Association of Pakistan in co-ordination with the State Life Insurance of Pakistan will submit a detailed paper on the mechanism to arrive on the insurance charged which would be subjected to the RGST, the association added.
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