GST creeping up in the most unsuspecting places
It may not seem like a lot of money, but six sen here and six sen there tends to snowball when you take into account that just about everything else, including medicine, will cost more once GST is implemented next April.
According to the MEPS ATM site, cardholders will now be charged an additional six sen every time a withdrawal is made using MEPS.
According to what appears to be a WhatsApp message circulating on the Internet, Deputy Finance Minister Ahmad Maslan, in explaining to bank customers how the GST charge will work, said the amount is “only” six sen and was limited to the MEPS fee per transaction and not the amount being withdrawn.
“GST will be imposed on all current bank fees such as MEPS. Say, a Maybank ATM cardholder makes a withdrawal at CIMB, the MEPS charge is RM1. GST will be imposed on the RM1 charge. The GST amount is only RM0.06. GST will not be imposed on the amount of the withdrawal which means not on the RM100 that is withdrawn.”
So there you have it… come April next year, it is best you keep your eyes wide open every time you reach for your wallet to pay for a service or a product.