1. Do I have to pay GST on my Medical policy?
GST on Medical premium will be charged at 6% from 1 April 2015.
2. Period of Insurance for my Medical Policy is from 1 March 2015 to 29 Feb 2016. Will MSIG charge me GST for the period from 1 April 2015 to 29 Feb 2016? Especially since MSIG has included a notice on GST on my policy.
Yes. GST will be charged from 1 April 2015 to policy expiry date.
3. Do I pay GST if I purchase my Medical Policy from a non-GST registered agent?
GST is chargeable irrespective of the GST status of the Agent.
GST is charged on the Medical Policy and collected by the Insurance Company on behalf of Customs.
4. Life insurance is exempted from GST. Do I pay GST if I purchase my Medical Policy from MSIG?
Medical Insurance is a general insurance product. Hence you will need to pay GST on your Medical premium regardless which insurance company you buy from.
5. What does MSIG do with the GST I’ve paid?
MSIG collects GST on behalf of Customs Department & pays to Customs on monthly basis.
6. What about Stamp Duty?
MSIG collects Stamp Duty on behalf of Inland Revenue Department & pays to Inland Revenue.
7. Is there any GST on the Stamp Duty?
No. Stamp Duty is a government tax and is not subject to GST.
8. I am a Singaporean. Do I have to pay GST on my Medical Policy?
Yes. GST on Medical premium will be charged at 6% from 1 April 2015.
GST is law and therefore forms part of the terms & conditions of the policy. Failure to pay GST means MSIG reserves the right to cancel or void the policy
The FAQs provided herein is for general information only and not intended to constitute advice on specific matter relating to GST. Please consult your tax agent on the application of GST to your particular circumstances.