KUCHING: The Malaysian Institute of Estate Planners (MIEP) acknowledges and welcomes the government’s decision in Budget 2025 to reduce stamp duty on the assignment of life insurance policies and family takaful certificates.
According to its president See Kok Loong, this move reflects the government’s recognition of the importance of financial planning and protection for Malaysian families, and is a significant step towards facilitating more affordable estate planning options.
He added that while MIEP had submitted a broader set of proposals for consideration, as published in Free Malaysia Today and Business Today, including tax relief for will drafting and other estate planning services, the institute appreciates that the reduction in stamp duty for life insurance and family takaful assignments is a positive outcome.
“This policy change will help more Malaysians secure their families’ financial future through the use of insurance trusts, which are now more accessible due to the lower transaction costs.
“Therefore, we are pleased that the government has taken the important step of reducing stamp duty on life insurance and family takaful assignments.
“This will encourage more people to utilise insurance trusts as part of their estate planning process. Although other proposals were not included in this year’s budget, we remain committed to advocating for comprehensive policies that benefit all Malaysians,” he said.
Having said this, he stated that MIEP will continue to work with stakeholders to promote further reforms that strengthen the estate planning landscape in Malaysia. “The institute looks forward to ongoing discussions with the government to ensure that future budgets incorporate additional measures to support Malaysians in protecting their wealth and their families,” he said.
