Journey of a Kampung Investor in search of financial freedom
The government service tax is applicable and imposed to all card members. Basically, if you have or holding 3 credit cards with any banks, you will be charged for each card held.
The government announced that in the 2010 budget speech an annual service tax will be charged upon all credit card users.
A service tax of RM 50 for each principal credit card and RM 25 for each supplementary card.
Conclusion
The most affected people will be the middle class people. The poor does not have credit cards, the rich does not care about the service tax.
Couldn’t be sure why the government is imposing this tax suddenly but my 2 cents tell me that, they are running low in funds!
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As we know, the government is imposing a RM 50 credit card tax and RM 25 tax on supplementary cards on Malaysians. A move that had many Malaysians puzzled on the government sudden implementations.
Credit card fraud is rampant all over the world. Without doubt, Malaysia has one of the highest credit card fraud cases in the world.
