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KUALA LUMPUR (July 19): Service tax on credit or charge cards, which was scrapped when the goods and services tax was implemented back in 2015, has made its way back in the proposed new model for the sales and services tax (SST), which is deemed SST 2.0, that is due to be implemented on Sept 1.
According to the Royal Malaysian Customs website, under the Frequently Asked Questions on Service Tax, the following was stated as Question 35:
Q: Will I be charged RM25 on existing credit or charge card on Sept 1, 2018?
A: The existing effective period of the card will not be subject to service tax of RM25 until the next annual renewal.
In other words, the service tax of RM25 on each credit or charge card that an individual owns will be charged upon renewal of the card.
It should be noted that the amount is less compared to the old service tax model. 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.
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. — theedgemarkets.com
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