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.
"Basic banking services that involve fees or commissions such as those related to current accounts (cheque accounts), savings accounts, or similar accounts, including e-wallets, are not subject to service tax," the Association of Banks in Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (Aibim) and the Malaysian Investment Banking Association (Miba) said in a joint statement on Thursday (June 26).
