GST will be implemented with effect 1 April 2015 at the rate of 6 per cent. GST will replace the current sales and service tax regime which will be demised upon the introduction of GST.
As HSBC provides taxable services exceeding the registration threshold, HSBC has registered with the Royal Malaysian Customs Department (Customs) for GST. Consequently, HSBC will impose GST on any taxable services provided to customers in accordance with the requirements of the GST laws.
Whilst certain financial services are classified as an exempt supply and will not attract GST, not all financial services are exempted from GST. For example, fees and commissions in relation to financial services will generally be subjected to GST. Please refer to the respective bank's updated Tariff & Charges for the latest fees and charges which will be uploaded before 1st April 2015.
Please refer to the FAQ section for more detailed information on how GST may impact you.
The FAQs will continue to be updated periodically as new information becomes available.
Please note that HSBC is not able to provide any tax advice. Please consult a professional tax advisor in relation to the GST implications to you.
Customs has made available more information on GST at www.gst.customs.gov.my which you may refer to. However, HSBC makes no representation as to the accuracy or correctness of the information made available in the Customs' website.
The GST registration numbers are as follows:
|Entity||GST Registration Number|
|HSBC Bank Malaysia Berhad||001586757632|
|HSBC Amanah Malaysia Berhad||001655570432|
|The Hongkong and Shanghai Banking Corporation Limited, Offshore Banking Unit Labuan||001473077248|