Goods and Services Tax (GST) at 0% for banking products and services effective 1 June 2018

May 31, 2018
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.

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