KUALA LUMPUR: Permodalan Nasional Bhd (PNB) clarified the withdrawal or redemption of all its unit trust funds are not subjected to the Goods and Services Tax (GST).
It said on Tuesday that redemptions of all PNB’s fixed and variable price unit trust funds are ultimately exempted from the GST where a 6% tax was imposed.
President and group chief executive of PNB, Tan Sri Hamad Kama Piah Che Othman said GST would not be imposed on the withdrawal of ASB units as well as other PNB’s unit trust funds carried out at any ASNB offices or agents nationwide.
“The GST will only be imposed on the sales charge for subscription of variable price unit trust funds and services subscribed by investors,” he said.
This applied to all PNB’s fixed price unit trust funds, namely the Amanah Saham Bumiputera (ASB), Amanah Saham Wawasan 2020 (ASW 2020), Amanah Saham Malaysia (ASM), Amanah Saham Didik (ASD), Amanah Saham 1Malaysia (AS 1Malaysia) and Amanah Saham Bumiputera 2 (ASB2).
It also applied to the variable price unit trust funds, namely the Amanah Saham Nasional (ASN), Amanah Saham Nasional 2 (ASN 2), Amanah Saham Nasional 3 Imbang (ASN 3) and Amanah Saham Gemilang (ASG).
PNB added the GST at 6% would only be imposed on the 5% sales charge towards investors who buy or invest only in the variable price unit trust funds, such as the ASN, ASN 2, ASN 3 and ASG, as to the industry’s practice.
The GST will also be imposed on services subscribed by investors, such as the Hibah Amanah and Pengisytiharan Amanah, request for cheque images and other related services.
Also the income distribution to investors is also exempted from GST. They will receive the rightful amount of income distribution (as prior to the implementation of GST) based on the performance of respective unit trust funds’ portfolios and the current economic environment.
In an earlier statement, PNB had announced a discounted registration fee of RM100 (including GST) to investors who registered for its unit trust related estate planning services, the Hibah Amanah and Pengisytiharan Amanah, instead of the normal fee at RM180 (excluding GST) until April 30, in conjunction with the month of the Minggu Saham Amanah Malaysia 2015.
Source: The Star Online - Malaysia
http://www.thestar.com.my/Business/Business-News/2015/04/21/PNB-says-withdrawal-or-redemptions-exempted-from-GST/?style=biz
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