Revised Stamp Duty Charges on Cheque Related Instruments
Dear Valued Customer,
We wish to bring to your attention the recent update regarding the revised stamp duty charges on cheque-related instruments, as outlined in the Finance Act 2024, gazetted on 31 December 2024.
In line with this update, the bank is revising applicable charges to ensure compliance with the new requirements.
The revised stamp duty charges for cheque-related instruments are as follows:
| Transaction Type | Existing Stamp Duty | Revised Stamp Duty |
|---|---|---|
| Cheque Book (inclusive of Cashier’s Order) | MYR0.15 per cheque leaf | MYR1.00 per cheque leaf |
|
MYR0.15 per cheque leaf | MYR1.00 per cheque leaf |
Should you have any questions or require further clarification, please do not hesitate to contact our customer service team or visit our nearest branch.
We thank you for your continued support.
Frequently Asked Questions (FAQs) on Stamp Duty changes:
| No | Questions | Answers |
|---|---|---|
| 1 | Why is there an increase in the stamp duty for Cheque Book Issuance and Deposit of Foreign Cheque? | The increase is pursuant to the amendments outlined in the Finance Act 2024, gazetted on 31 December 2024. The amendments apply to all financial institutions, with the revised stamp duty taking effect from 1 January 2025. |
| 2 | Can I make a request to be exempted? | Unfortunately, no. Stamp duty is payable to Inland Revenue Board of Malaysia ("IRBM"). |
| 3 | Is the MYR1.00 stamp duty charged per cheque leaf or per cheque book? | It is charged per cheque leaf. For instance, a cheque book issued with 50 pieces of cheque leaf will incur a stamp duty of MYR50.00, payable by the customer. |
Dear Valued Customer,
We wish to bring to your attention the recent update regarding the revised stamp duty charges on cheque-related instruments, as outlined in the Finance Act 2024, gazetted on 31 December 2024.
In line with this update, the bank is revising applicable charges to ensure compliance with the new requirements.
The revised stamp duty charges for cheque-related instruments are as follows:
| Transaction Type | Existing Stamp Duty | Revised Stamp Duty |
|---|---|---|
| Cheque Book (inclusive of Cashier’s Order) | MYR0.15 per cheque leaf | MYR1.00 per cheque leaf |
|
MYR0.15 per cheque leaf | MYR1.00 per cheque leaf |
Should you have any questions or require further clarification, please do not hesitate to contact our customer service team or visit our nearest branch.
We thank you for your continued support.
Frequently Asked Questions (FAQs) on Stamp Duty changes:
| No | Questions | Answers |
|---|---|---|
| 1 | Why is there an increase in the stamp duty for Cheque Book Issuance and Deposit of Foreign Cheque? | The increase is pursuant to the amendments outlined in the Finance Act 2024, gazetted on 31 December 2024. The amendments apply to all financial institutions, with the revised stamp duty taking effect from 1 January 2025. |
| 2 | Can I make a request to be exempted? | Unfortunately, no. Stamp duty is payable to Inland Revenue Board of Malaysia ("IRBM"). |
| 3 | Is the MYR1.00 stamp duty charged per cheque leaf or per cheque book? | It is charged per cheque leaf. For instance, a cheque book issued with 50 pieces of cheque leaf will incur a stamp duty of MYR50.00, payable by the customer. |
