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KUALA LUMPUR (May 31): Commercial banks in Malaysia will reduce the goods and services tax (GST) rate to 0% tomorrow (June 1), from 6% at present.
In a statement, the Association of Banks in Malaysia (ABM) said all of its 27 member banks will adhere to the recent announcement by the Finance Ministry and the Royal Malaysian Customs Department to implement the zero-rated GST.
“In the event of any queries pertaining to GST for any banking products purchased or banking services rendered on or after 1 June 2018, members of the public are advised to contact their respective banks for clarification.”
On May 16, the Finance Ministry announced that the GST rate would be “zerorised” from 6%.
Implemented under the administration of former prime minister Datuk Seri Najib Razak on April 1, 2015, GST revenue has been increasing annually, with a total of RM44.3 billion collected last year. — theedgemarkets.com
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