- RMCD issued STP 8/2024 for Service Tax exemption on fee or commission by local commodity trading platform
- Exemption effective from 1 October 2024
- Service recipients and providers exempt from paying Service Tax on platform fee or commission
- Exemption limited to local commodity trading platforms for Islamic financing
- Service Tax collected until 30 September 2024 must be remitted to RMCD
- No refunds for Service Tax paid before 1 October 2024
- RMCD can recover Service Tax from unregistered providers
- Providers advised to obtain Customs Ruling for taxable services in case exemption is revoked
Source: assets.kpmg.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.
