Malaysia is expected to implement Goods and Services Tax (GST) on 1 April 2015 at the initial rate of 6%. The cost of a lot of things will be affected, including investment vehicles and products.
I believe nowadays everybody deals with banks. How the GST will impact our deposit, interest, loan, credit card, bank charges, etc.? Refer to the table below.
How about insurance policies? Your premium paid to life and education policies will not be imposed with GST, but it seems that most if not all other insurance policies are affected. Note that general insurance products including car insurance, house/fire insurance, accident insurance, etc. will be affected too.
For those who invest in precious metals (gold, silver), jewellery, collectibles, etc., if you trade with the physical product, you are affected.
If you trade with a gold/silver investment account with a bank without touching on the physical product, you are probably not affected.
A 6% GST of PAMP Suisse 100g gold bar selling at RM14,000 will be RM840, quite a big sum.