KUALA LUMPUR: 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%.
The Association of Banks Malaysia said the zero GST will take effect from Friday, June 1, 2018.
In a statement issued on Thursday, it said this was in line with the recent announcements by the Ministry of Finance and the Customs Department on the reduction of the standard rate of GST from 6% to 0% effectve June 1.
It said if there were any queries pertaining to GST for any banking products purchased or banking services rendered on or after June 1, 2018, the public could contact their respective banks for clarification.
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