26 April 2011

Credit Card Service Tax to be abolished by 2013? Good or bad news?

I heard from the radio this morning that the Government is planning to abolished the Credit Card RM50 Service Tax by 2013. This might due to the fact that this service tax failed to reduced debt. You can read more here.

This is good news for all credit card holders. However, there's another bad news for consumer as it was said that the Goods and Services Tax (GST) will be implemented when the Credit Card Service Tax is abolished.

I guess we still need to pay tax one way or another. Well, the Credit Card Service Tax doesn't seems so bad after all compared to the GST as there is no limit on the amount to be paid in GST while Credit Card Service Tax is fixed at RM50.

So which one you think is better in terms of its effectiveness in reducing debt and its burden on us all?

11 comments:

  1. What to do...or else government will go bankcrupt...haha

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  2. I was thinking that they just changed the name and made it sound better. Lol But it is actually worse especially the tax that we have to pay. I'd go for the fixed rate.


    ~Stefan
    Merchant Services

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  3. Great news!! Most of the consumers are already going through credit card debt problems in the country. If the tax is withdrawn, it will give some relief to the credit card holders. I just hope this tax is abolished. I hope government finally decides to not implement the GST. It will be an extra burden on the cash strapped debtors.

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  4. This comment has been removed by the author.

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