Impact of Government Service Tax (GST) on Malaysian takaful industry: Issues and challenges

Impact of Government Service Tax (GST) on Malaysian takaful industry: Issues and challenges

Malaysia is reputed to be a leader in the Takaful industry within the ASEAN region commanding a market share that exceeds 70 per cent of gross Takaful contribution. The industry however is not exempted from the recent implementation of the Malaysian Goods and Services Tax (GST) in April 2015. This...

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Main Authors: Che Mohd Salleh, Marhanum, Yussof, Sheila Ainon, Abdullah, Nurdiana Irwani
Format: Article
Language:English
Published: Science Publishing Corporation 2018
Subjects:
HG Finance
HG8719 Islamic Insurance Takaful
Online Access:http://irep.iium.edu.my/64519/
http://irep.iium.edu.my/64519/
http://irep.iium.edu.my/64519/
http://irep.iium.edu.my/64519/1/64519_Impact%20of%20Government%20Service%20Tax%20%28GST%29_article.pdf
id iium-64519
recordtype eprints
spelling iium-645192019-02-18T06:26:50Z http://irep.iium.edu.my/64519/ Impact of Government Service Tax (GST) on Malaysian takaful industry: Issues and challenges Che Mohd Salleh, Marhanum Yussof, Sheila Ainon Abdullah, Nurdiana Irwani HG Finance HG8719 Islamic Insurance Takaful Malaysia is reputed to be a leader in the Takaful industry within the ASEAN region commanding a market share that exceeds 70 per cent of gross Takaful contribution. The industry however is not exempted from the recent implementation of the Malaysian Goods and Services Tax (GST) in April 2015. This study seeks to examine the specific Shari‘ah issues and challenges that may be triggered off by GST application on its operations. An inductive analysis will be undertaken on the relevant sources that justify GST implementation in Takaful, mainly guidelines provided by Customs Department, and also arguments from scholars on the likely contravention of Shari‘ah principles with the application of GST. This research will be significant as it will make an in-depth analysis of GST application whilst identifying the areas of non-compliances with Shari‘ah. Recommendations will be made for regulators to overcome the Shari‘ah issues and challenges that have emerged from its implementation. Science Publishing Corporation 2018 Article PeerReviewed application/pdf en http://irep.iium.edu.my/64519/1/64519_Impact%20of%20Government%20Service%20Tax%20%28GST%29_article.pdf Che Mohd Salleh, Marhanum and Yussof, Sheila Ainon and Abdullah, Nurdiana Irwani (2018) Impact of Government Service Tax (GST) on Malaysian takaful industry: Issues and challenges. International Journal of Engineering & Technology, 7 (2.29 (Special Issue 29)). pp. 368-373. ISSN 2227-524X https://www.sciencepubco.com/index.php/ijet/article/view/13656 10.14419/ijet.v7i2.29.13656
repository_type Digital Repository
institution_category Local University
institution International Islamic University Malaysia
building IIUM Repository
collection Online Access
language English
topic HG Finance
HG8719 Islamic Insurance Takaful
spellingShingle HG Finance
HG8719 Islamic Insurance Takaful
Che Mohd Salleh, Marhanum
Yussof, Sheila Ainon
Abdullah, Nurdiana Irwani
Impact of Government Service Tax (GST) on Malaysian takaful industry: Issues and challenges
description Malaysia is reputed to be a leader in the Takaful industry within the ASEAN region commanding a market share that exceeds 70 per cent of gross Takaful contribution. The industry however is not exempted from the recent implementation of the Malaysian Goods and Services Tax (GST) in April 2015. This study seeks to examine the specific Shari‘ah issues and challenges that may be triggered off by GST application on its operations. An inductive analysis will be undertaken on the relevant sources that justify GST implementation in Takaful, mainly guidelines provided by Customs Department, and also arguments from scholars on the likely contravention of Shari‘ah principles with the application of GST. This research will be significant as it will make an in-depth analysis of GST application whilst identifying the areas of non-compliances with Shari‘ah. Recommendations will be made for regulators to overcome the Shari‘ah issues and challenges that have emerged from its implementation.
format Article
author Che Mohd Salleh, Marhanum
Yussof, Sheila Ainon
Abdullah, Nurdiana Irwani
author_facet Che Mohd Salleh, Marhanum
Yussof, Sheila Ainon
Abdullah, Nurdiana Irwani
author_sort Che Mohd Salleh, Marhanum
title Impact of Government Service Tax (GST) on Malaysian takaful industry: Issues and challenges
title_short Impact of Government Service Tax (GST) on Malaysian takaful industry: Issues and challenges
title_full Impact of Government Service Tax (GST) on Malaysian takaful industry: Issues and challenges
title_fullStr Impact of Government Service Tax (GST) on Malaysian takaful industry: Issues and challenges
title_full_unstemmed Impact of Government Service Tax (GST) on Malaysian takaful industry: Issues and challenges
title_sort impact of government service tax (gst) on malaysian takaful industry: issues and challenges
publisher Science Publishing Corporation
publishDate 2018
url http://irep.iium.edu.my/64519/
http://irep.iium.edu.my/64519/
http://irep.iium.edu.my/64519/
http://irep.iium.edu.my/64519/1/64519_Impact%20of%20Government%20Service%20Tax%20%28GST%29_article.pdf
first_indexed 2023-09-18T21:31:33Z
last_indexed 2023-09-18T21:31:33Z
_version_ 1777412545098809344

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