- The Royal Malaysian Customs Department released an updated service tax guide on brokerage and underwriting services, effective 1 July 2025, replacing the 2024 version.
- The guide now distinguishes between financial and non-financial brokerage and underwriting services, expanding the scope of service tax for financial services.
- Financial brokerage and underwriting services are reclassified under group H (financial services), while non-financial services remain under group I (other service providers).
- Registered service tax providers offering financial brokerage or underwriting services must update their registration in the MySST portal.
- The guide updates examples and clarifies tax treatment, omits certain Islamic finance and syndicate underwriting illustrations, and confirms that commissions and fees for commodity brokerage services are subject to service tax.
Source: taxathand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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