Tokenize Malaysia SST — Frequently Asked Questions (FAQs)
Dear Tokenizers,
Beginning from the 14th of June, 2021 there will be a 6% Sales & Service Tax (SST) levied on the trading fees on Tokenize Xchange Malaysia.
This is in line with the Service Tax (Digital Services) Regulations (2020) and the Amended (Amendment 2/2020) — Service Tax (Digital Services) Regulations (2020).
Please refer to the section below to better understand what is SST and how will it affect your trading on Tokenize Xchange Malaysia.
— — — — — - — — Frequently Asked Questions — — — — — — —
- What is SST?
Sales and Service Tax (SST) comprises sales and service tax.
- A Sales Tax is a single tax levied on all taxable goods manufactured and sold, used or disposed by a registered manufacturer in Malaysia or imported into Malaysia.
- A Service Tax is a single tax charged on any taxable services provided in Malaysia by a registered person in carrying on business.
2. What is the prevailing SST Rate?
For Service Tax: General rate of 6%
3. Where can I obtain more information about SST in Malaysia?
Please refer to the official website of the Royal Malaysian Customs Department (RMCD) at https://mysst.customs.gov.my/ for SST related information, legislation and guidelines.
4. How will I be affected by this introduction of the SST?
Fees paid by users will see a premium of 6%. As of now, Tokenize Xchange Malaysia only charges users a fee of 0.8% from all orders fulfilled as a Taker Order.
5. Can you provide an example?
Trader A would like to place a Buy order worth RM10,000.00. His order would be subjected to a fee of 0.8% which is equal to RM80.00. The 6% SST charge will be levied on the trading fee, which is RM4.80. This brings the total payable amount to RM10,000.00 + RM80.00 + RM4.80 = RM10,084.80.
If the Order is filled as a Maker, the trading fee and SST will be immediately refunded back into his account.
Trader B would like to place a Sell order worth RM10,000.00. His order would be subjected to a fee of 0.8% which is equal to RM80.00. The 6% SST charge will be levied on the trading fee, which is RM4.80. This brings the total receivable amount to RM10,000.00 — RM80.00 — RM4.80 = RM9,915.20.
If the Order is filled as a Maker, the trading fee and SST will be immediately refunded back into his account.
6. I am still not sure and would like to ask more.
Please email us your questions or queries to: support@tokenizemalaysia.zendesk.com
— — — — — — — — — — — — — — — — — — — — — — — — — —
Once again, we apologize for any inconvenience caused. If you have any questions, feel free to contact us.
Thank You.
