Bank Rakyat to absorb GST for banking services

Bank Rakyat will absorb the Goods and Services Tax (GST) imposed on various banking services, including the cash withdrawals via Malaysian Electronic Payment System (MEPS). Minister of Domestic Trade, Cooperatives and Consumerism, Datuk Seri Hasan Malek, said the other services included applications and renewals of automated teller machine (ATM) cards, transfer of money from ATM to Tabung Haji and to other banks via Interbank Fund Transfer and Interbank GIRO (IBG). "Bank Rakyat always considers the convenience of the members and this will not affect its profit. "I hope Bank Rakyat's actions will be followed by other banks to help the rakyat," he told a media briefing after the ceremony to hand over the business zakat to Negeri Sembilan Zakat Centre (PZNS) here today. Hasan, who represented Bank Rakyat, handed over business zakat of RM1.09 million to Negeri Sembilan Yang di-Pertuan Besar, Tuanku Muhriz Tuanku Munawir. Also present was Menteri Besar Datuk Seri Mohamad Hasan. He said the zakat was Bank Rakyat's fourth after Melaka, Kelantan and Selangor. Earlier, Hasan said Bank Rakyat Negeri Sembilan recorded an operating profit of RM91.68 million last year compared with RM81.88 million in 2013. The seventh branch in Negeri Sembilan, Kuala Pilah, would be launched in late June, he said. Meanwhile, PZNS general manager, Nor Azmi Musa, said the business zakat from January 2015 to now amounted to RM21.53 million. "In addition to undertaking aggressive missionary efforts, PZNS has provided various payment facilities like customer-friendly zakat counters in every districts. "PZNS's zakat payments via salary deductions totalled RM2.8 million a month," he said. For more business news, tune in to AWANI Biz on Astro channel 501.