From Ong Chee Siang MCA education consultative committee chairman
PETALING JAYA: Banking associations have reassured the public that the upcoming expansion of the service tax which on July 1, 2025, will not affect commonly used basic banking services .
These services include fees imposed on cash deposits, withdrawals, payments, or local fund transfers; issuance of debit cards and subsequent annual fees; basic transactions done at bank branches or ATMs such as bill payments, printing of current or savings account statements. "The above exclusions are intended to ensure that day-to-day banking activities for individual consumers remain unaffected by the service tax expansion," read the statement.The expanded service tax scope for financial services will apply to fund management, investment and merchant banking related services, and trade financing related services.
"All banks under ABM, Aibim and Miba are committed to being transparent. Where service tax applies, charges will be clearly shown, and customers will be clearly informed," they said.
Service Tax Banking Services Financial Institutions
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