Credit Card Service Tax Malaysia

The rate of service tax to be charged is rm 25 per card per year or part thereof for the activated or renewal of a principal or supplementary credit card or charge card. In an order that was made just days before the revived sales and services tax sst regime kicked in on september 1 finance minister lim guan eng through his. Rm25 00 will be imposed on each principal and supplementary credit card and charge card upon new card activation date including activation of temporary cvv and subsequently upon the anniversary of your card approval date.

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Mysst

Service tax shall be imposed on the date of issuance or renewal of the credit.

Credit card service tax malaysia. Back in 2010 an annual service tax was imposed on card holders which saw a drop in the number of cards in circulation. The tax stood at rm50 for principal credit cards and rm25 for supplementary cards. However this could lead to a drop in the number of credit and charge cards being used just as it did the last time such a tax was introduced. Service tax of rm25 will be charged on each new primary and supplementary credit cards upon activation of the credit card.

Kuala lumpur aug 30 a service tax of rm25 will be imposed on either new credit card users or those who renew their credit cards from september 1 onwards the finance minister has ordered. Service tax for the provision of charge or credit card services is rm25 per year on each principal card or supplementary card. What is the rate of service tax. A service tax of rm25 is imposed upon activation of new principal or supplementary cards and on the anniversary renewal date every year including on existing cards in issuance as at 1 september 2018 i e.

For existing credit cardholders service tax of rm25 will be charged on the anniversary month of each of your primary and or supplementary credit cards. Imposition of service tax 16. Under the old service tax model a service tax of rm50 a year on each principal credit card and charge card and a service tax of rm25 a year on each supplementary card was implemented. The rate of service tax to be imposed is rm 25 per card per year or part thereof for the issuance or renewal of a principal or supplementary credit card or charge card.

When will the service tax be charged. Principal card rm25 per card per year supplementary card rm25 per card per year 3. Registration of taxable person. Find out more about service tax.

Under sst 2 0 the rm25 charge will be applied to each credit or charge card regardless if it is a principal or supplementary card. At the moment there are at least 10 2 million credit cards and charge cards being used in malaysia. Rate of tax the rate of service tax is 6 ad valorem for all taxable services except for the provision of charge or credit card services. Finance minister lim guan eng through his powers under the service tax act 2018 announced the service tax amounting to rm25.