Please be informed that an 8% service tax will be imposed on fee and commission-based financial services starting 1 July 2025, as announced by the Ministry of Finance on 9 June 2025, and the joint media statement published by the Association of Banks Malaysia, the Association of Islamic Banking and Financial Institutions Malaysia and the Malaysian Investment Banking Association on 25 June 2025.
In compliance with the Royal Malaysian Customs Department (RMCD) requirement, Standard Chartered Bank Malaysia Group of Companies (‘SCB’ or ‘the Bank’) will be charging service tax in a phased approach commencing from 1 July 2025, as per the legislation and guidelines issued by the Malaysian Government.
To minimise interruption to your banking experience, SCB will enhance its system in phases to ensure service tax is being collected based on the taxable service list provided by RMCD. The system enhancement will be progressively rolled out by the Bank, with targeted completion in Q1 2025.
For further details, please refer our FAQ or visit RMCD’s website.
*Standard Chartered Bank Malaysia Group of Companies includes Standard Chartered Bank Malaysia Berhad, Standard Chartered Saadiq Berhad, Standard Chartered Bank Offshore Labuan and SCBMB Trustee Berhad.