Zero GST on all bank products and services starting tomorrow

The announcement was made in line with the government’s decision to revert GST rates to zero per cent from June 1. — Reuters pic
The announcement was made in line with the government’s decision to revert GST rates to zero per cent from June 1. — Reuters pic

KUALA LUMPUR, May 31 — The Association of Banks in Malaysia (ABM) has announced that all banking products and services will be exempted from the 6 per cent Goods and Services Tax (GST) effective tomorrow.

The announcement was made in line with the government’s decision to revert GST rates to zero per cent from June 1.

“In adherence to these announcements, the conventional commercial banks in Malaysia will be charging GST at zero per cent for all banking products and services which were previously subject to GST at 6 per cent, effective from June 1, 2018,” ABM said in a statement.

Under ABM, 27 members including commercial banks in Malaysia, will be required to adhere to the government’s announcement.

They also urged customers to contact their respective banks should they find discrepancies pertaining to GST.

“The main objective of ABM is to promote the establishment of a sound banking system in Malaysia in cooperation and consultation with the regulators,” they said.

The public can call ABMConnect at 1-300-88-9980 for information on banking issues in the country.

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