Starting July 2025, Malaysian banks will implement an 8% service tax on fee- and commission-based financial services, as announced by the Association of Banks in Malaysia (ABM), Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), and Malaysian Investment Banking Association (MIBA). Basic banking services, such as current and savings account charges, remain exempt. The tax aligns with expanded service tax laws gazetted by the Ministry of Finance and Royal Malaysian Customs Department. The associations assured a phased implementation to minimize disruption, urging customers to check official bank communications for details.
Service Tax
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