Kuala Lumpur, Thursday, 31 May 2018 – Reference is made to the recent announcements by the Ministry of Finance and the Royal Malaysian Customs Department on the reduction of the standard rate of GST from 6% to 0% effective 1 June 2018.

In adherence to these announcements, the conventional commercial banks in Malaysia will be charging GST at 0% for all banking products and services which were previously subject to GST at 6%, effective from 1 June 2018.

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.