Sindh Revenue Board grants sales tax exemption on insurance firms’ services

Shahnawaz AkhterWeb Editor

09th Jul, 2021. 02:56 pm
Sales Tax Exemption

KARACHI: The Sindh Revenue Board (SRB) has granted sales tax exemption to services rendered by life and health insurance companies for a year ending June 30, 2022, official sources said on Friday.

The sources said the Sindh government has granted exemption from the whole of sales tax on services provided by life insurance and health insurance companies for another tax year.

In May 2019, the provincial government had allowed exemption to the insurance companies for the period ended June 30, 2019. However, the exemption was extended up to June 30, 2020.

Now the insurance companies are entitled to avail of the exemption from sales tax on services for the period from July 1, 2018 to June 30, 2022. The sources said the exemption has been provided to the insurance companies with a condition that the persons providing or rendering life insurance services commences e-depositing the amount of Sindh sales tax due, on such services for the tax periods from July 2020, onwards.

The officials also said the persons availing of the sales tax exemptions would not be able to claim any refund or tax adjustment.

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