KUALA LUMPUR: The Association of Banks in Malaysia (ABM) has published a document on its website which lists the Goods and Services Tax (GST) treatment by its commercial bank members on over 300 general bank products and services, to provide clarity and assist the banking public in understanding banking charges post-GST.
ABM executive director Chuah Mei Lin said all goods and services supplied in Malaysia would be taxable unless specifically exempted by the authorities.
"Given the wide array of commercial banking products and services, we are of the view that the banking public would be better served with as detailed a list as is possible. That way, they will be aware of what types of bank products and services are subject to GST and those which are not," she said in a media statement this evening.
ABM noted, however, that the list it provides is not exhaustive. Hence, it advised bank customers to their respective banks for the revised fee payable after the inclusion of GST, where applicable, for each product and service.
"ABM member banks will be publishing the detailed price listing at their banking premises or, as the case may be, in their respective websites," it added.
Below is a broad breakdown, according to ABM, of how some banking products and services will be treated once the consumption tax is implemented:
a) Savings and other similar accounts
b) Loans and advances
c) Transmitting money or remittances
d) Issuing Cheques
e) Credit and other payment cards
"Additionally, fees and charges which are imposed to compensate for loss, damages or in cases where the customer fails to meet certain requirements or conditions are not subject to GST," ABM added.
For further enquiries, contact ABM via ABMConnect at 1300-88-9980 (Monday-Friday) or post your query via eABMConnect on www.abm.org.my.