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Friday, December 19, 2014

GST for MEPS charges on interbank withdrawals, says report

Interbank ATM withdrawals may also be subjected to the Goods and Services Tax when it takes effect April next year, says a report quoting the Finance Ministry. – Reuters file pic, December 19, 2014.Interbank ATM withdrawals may also be subjected to the Goods and Services Tax when it takes effect April next year, says a report quoting the Finance Ministry. – Reuters file pic, December 19, 2014.
Certain banking fees including the Malaysian Electronic Payment System or MEPS charges, will be subjected to the Goods and Services Tax (GST) come April next year, The Star reported.
Quoting a post by the Finance Ministry on its Facebook page, The Star said the actual amount withdrawn, however, would not be subjected to GST.
“Any fees imposed by banks, such as MEPS charges, will be subjected to GST.
GST is also to be imposed on other banking services such as the issuance of cheque books, bank statements, loan processing, and services related to shares trading.
A GST guide on commercial banking issued by the Customs states that the new tax will not be imposed on penalties such as late payment charges, commitment fees, overdraft excess fees and on interest on deposits in savings, current, fixed deposit or similar accounts.
It will be charged on the service fees to maintain and operate these accounts, such as electronic fund transfers and phone banking, as well as provision of Automatic Teller Machine (ATM) cards.
Remitting money will also not be subject to GST, except for the cost of telegraphic and tele-transmission charges.
- TMI

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