Service tax RM50 on credit cards and charge cards
Bad news to Malaysia credit card holder. According to Malaysia budget 2010. Malaysia Credit card are being used extensively. The number has increased from more than 2 million in 1997 to 11 million as at August 2009. excluding 285,000 charge cards. To promote prudent spending, the Malaysia government proposes that a service tax of RM50 per year be imposed on each principal credit card and charge card, including those issued free of charge. The Malaysia government also proposes that service tax of RM25 a year be imposed on each supplementary card. This measure is effective from 1 January 2010.
A lot of people plan to cancel or return all the credit card to bank to prevent any unnecessary charges and expenses. Please do not panic, we just wait the good news from the banks regarding the above charges. Sure the banks will do something to maintain their customers.
Please feel free to drop your comments here:
1. How many credit cards you plan to cancel?
2. How many credit card you might to maintain?
3. What is comment regarding service tax RM50 on credit cards and charge cards?
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I plan to cancel 5 credit cards but will remain 2 credit card for daily usage.
Out of my 6 cards, plan 2 cancel either 4 or 5 of them, hope to keep only 1 card (or maximum 2 cards) for daily usage. (CIMB Direct Access Visa, CIMB Direct Access MasterCard, Eon-GSC, and Maybank Petronas Visa will have to go). Will only keep Citibank. Amex gold cc I’m still considering, whether it’s worth the RM50 to maintain this card or not.
I will cancel all my 3 credit card and keep only one highest limit card. Malaysia Goverment no money already? Have to collect tax from credit card holder that is not actual rich people? I would like to reply to our Sir Najib!! Use your brain!!! If we are rich and afford to pay RM50, we will not use credit card…. we will use Cash!!! Credit card are for poor people!! about the 27% tax reduce to 26%…. I don’t even have the chance to pay income tax!!!!
Have 5 credit cards too, but which one to cut and which one to keep?
1. Cancel 2 cards out of 3.
2. Keep only one card either to be principal of sup card of someone to lower the charge that needs to pay.
3. A lot of users use credit card due to cash flow issue. This is mainly the salary comes in late and too many bills to pay in cash, etc. The announcement maker should revise this carefully before making such decision. Impose charge on gold and platinum is perhaps a better way. Life will be tougher with all these kind of announcements.
got 11 rite now… but sayang nak terminate sebab i m not a rich ppl and i also not a bad user… i always pay more then min…. so dengki la si najib ni… ntah2 dia nak kapor duit tu…
this is really a bad news for malaysian