Service Tax RM50.00 (about US$15.00) Per Card

@aeiou78 (3457)
Malaysia
October 11, 2010 3:32pm CST
Effective from January 1, 2010 , every credit card holder in Malaysia has to pay the Service Tax of Riggit Malaysia 50.00 ( about US$ 15.00) per annum. In according the recent announcement by the Deputy Minister of Finance, Malaysia, in the newspaper, the government has successfully collected 2.7550 Billions from the month of January to September 2010. The average monthly collection is 3,000 Millions. In fact, credit card is a very good financial aids to help us to go the the economic crisis. For instance, during the past economic downturn in the America, the late President Ronald Wilson Reagan lowered down the credit card interest rate to help his people to pass through the hard time. As such, they could have a more comfortable time frame to monitor their financial planning. Do you think the Service Tax of RM50.00 per card in Malaysia is a wise move or not?
2 responses
• United States
11 Oct 10
It seems here in the US so many credit card companies are starting to charge an annual fee. Ugh, here though they can start at $35.00 and somehow increases by the year. For some reason the credit card companies feel they have to get some money back from whatever losses they feel they incurred the year before. And if members refuse they can double it as late fees even though the member opts out. One thing about credit card application is that we really have to read all the fine print as they sneak up behind us with no forewarning. Personally I do not think this is wise as so many people are wising up and going for other options.
@aeiou78 (3457)
• Malaysia
11 Oct 10
The card holders in Malaysia has to pay for both, the Service Tax and the Membership Fee. The Service Tax has been fixed at RM 50.00 per card annually. The membership of credit card is subject to the type of credit card you are having. Normal credit card is around RM70.00 (US21.00) Gold or Platinum Card might be RM195 to RM400 (US$60.00 ~ US$120.00) ha! ha! ha! Too much has to be paid.
@yspmyl (3438)
• Malaysia
20 Oct 10
I believe our government have their own strategy to collect money or tax from the peoples, they look for the services or something that have most people use it and our government started to charge on it. And who else will suffer, of course is we the people who paying tax. I do not think that to collect service tax with RM50 is not reasonable, if they really want to reduce the number of people who holding the credit card, they can implement a rule that only a maximum 1 or 2 credit card can hold by a person. That will really make the reason acceptable. For me such a reason is just their another excuses to collect more easy money for them to spend and go travel. Now the government is going to collect another 6% service tax on the Astro subscriber. See, this is how our government treat us when they claim to have no money, but yet they are building another 100 floor high rise building which cost billion of dollars. So where to get the money? You are right, we the tax payer again have to pay for the cost. If it is a failure? Who going to bear the cost, again, we the tax payer. This is how the government make money by simply wasting our money on many unnecessary project like this.