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



ABM Connect | Toll-free on 1-300-88-9980

ABMConnect provides an avenue for consumers to clarify any doubts and verify information on conventional banking issues.

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The Association of Banks in Malaysia (ABM) was formed in November 1973. Our membership is currently made up of the 27 commercial banks operating in Malaysia.

Since its inception, ABM has been actively involved in various initiatives to promote and strengthen the commercial banking industry to become more resilient, effective and efficient.

Tel No. : +603-2078 8041
Fax No. : +603-2078 8004
ABMConnect : 1300-88-9980

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