KUALA LUMPUR: The government has proposed a reduced, fixed-rate stamp duty on the deed of assignment for life insurance policies and family takaful ce...
The government has proposed a reduced, fixed-rate stamp duty on the deed of assignment for life insurance policies and family takaful certificates, whether transferred as gifts or placed in trust.
This initiative aims to lower assignment costs and broaden insurance and takaful coverage for families, according to the Ministry of Finance . The MoF said that from Jan 1, 2025, the stamp duty for the first RM100,000 of the transfer value will be RM10.“For transfer values exceeding RM500,000 and up to RM1 million, the stamp duty will be RM500, and for values above RM1 million, it will be capped at RM1,000,“ the MoF stated in an appendix accompanying the Budget 2025 presentation.
Currently, assignments of life insurance policies and family takaful certificates are subject to stamp duty under Item 32 of the First Schedule of the Stamp Act 1949, based on an ad valorem rate.For transfers above RM100,000 and up to RM500,000, the rate is 2.0 per cent. Values exceeding RM500,000 and up to RM1 million are taxed at 3.0 per cent, while transfers above RM1 million incur a 4.0 per cent rate.
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