GOODS AND SERVICES TAX (“GST”)
Dear Valued Customers,
In line with the implementation of the Goods and Services Tax (GST) on 1 April 2015 announced by the Malaysian Government in 2014, GST will be charged at a rate of 6% to replace the existing Sales Tax and Service Tax.
As you are aware, GST is a multi-stage tax charged on domestic consumption of goods and services, chargeable to all taxable supplies of goods and services in Malaysia except those which specifically categorised as zero rated supply or exempt supply. Although the tax would be paid throughout the production and distribution chain, it is ultimately passed on to the final consumer. Therefore, the tax itself is not a cost to the intermediaries.
As Bank of China (Malaysia) Berhad has registered for GST, it is mandatory for us to be GST compliant. We wish to inform you that Bank of China (Malaysia) Berhad reserves the right to collect from you an amount equivalent to the GST payable on taxable goods and services provided by us. Accordingly, tax invoices shall be issued to you in order to be fully compliant and enable you to claim GST input tax credits, where entitled.
We recognised that you are an important customer to us in ensuring the successful implementation of the GST and we are committed to providing the best possible service to you. As such, should you require further clarification on this matter, please do not hesitate to contact us at 03-2162 6633 or e-mail to service.my@bankofchina.com.
Thank you.
For and on behalf of Bank of China (Malaysia) Berhad