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Article: MALAYSIA TO IMPOSE CREDIT CARD TAX IN 2010.(News)
- Article from:
- Cardline
- Article date:
- October 30, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Malaysian government has imposed an "annual service charge" on credit cardholders as part of its 2010 budget. The tax, scheduled to take effect on Jan. 1, amounts to 50 ringgits (US$15 or 9.90 euros) for principal credit and charge cards and 25 ringgits for secondary cards, the government says. Details about how the tax would be implemented and paid were not immediately available. The government hopes the tax persuades consumers to reduce the number of credit cards they carry. Bank Negara Malaysia, the country's central bank, says consumers in Malaysia hold some 11 million credit cards. Without more details about the policy, it is too early to say how the tax will ...
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