What is the tax code for insurance claim?

Our company received a fire insurance claim.  May I know what is the tax code?

Asked on September 26, 2015 2015-09-26 01:57:29 Business (商家)
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2 Answer(s)

OS

The cash payment by the insurer or takaful operator in respect of an insurance or takaful settlement claim does not represent a supply by the insurer or takaful operator nor does it represent consideration for a supply made by the policyholder/contributor. Hence, indemnity payments or settlements are not subject to GST.

Reference: Insurance and Takaful (revised as at 22 October 2014) 

Answered on September 26, 2015. 2015-09-26 14:10:45

Due to the recent tax code changes, should it now be NS? since it is not a supply by both parties.

6 days ago. 2018-04-17 02:49:50
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Yes according to the latest amendment dated 5 February, 2018

Answered 6 days ago. 2018-04-17 03:50:52
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