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GST ends on AIBIM Bank services & products
Last update: 01/06/2018

KUALA LUMPUR, June 1 (Bernama) --†Effective today, the†country's Islamic financial institutions have zero-rated the Goods and Services Tax (GST) on banking products and services, the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) said in a statement.

The zero-rated supply is in line with the announcement on May 16 by the Finance Ministry and Royal†Malaysian Customs Department to cancel the six per cent value-added tax.

"We are committed to a smooth†transition to ensure customers†continue enjoying a high level of service," AIBIM†said.

Should clients†require clarification, AIBIM recommends that they get in touch with their banks.†



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US 4.0800/0850
S'pore 2.9770/9811
100 Yen 3.6523/6574
Sterling 5.3064/3146
Euro 4.7222/7292
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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