Punjab, April 22, 2020: Punjab Revenue Authority (PRA) Has Exempted/Reduced The Sales Tax On Fire Insurance, Goods Insurance, Health Insurance, Life Insurance, Marine Insurance, Theft Insurance Till June 30, 2020.
PRA through a notification no.SO(TAX)1-110/2020 (COVID-19) has announced a relief package for the industries affected by the coronavirus (covid-19).
Sales tax on services provided in respect of insurance to a policy holder by an insurer, including a re-insurer shall be Zero percent without input tax adjustment for health insurance and life insurance; and Sixteen percent of the gross premium paid, for others.
(a) marine insurance for export; and
(b) crop insurance.