Under the Service Tax Regulations 1975, charge card and credit card companies including banks and financial institutions that provide and issue charge cards or credit cards are prescribed establishments that are chargeable to service tax.

As of July 2, 1998, by virtue of the Service Tax (Amendment) Regulations 1998, any person who provides and issues charge card or credit card shall be within a prescribed establishment that is chargeable to service tax.
   
   
  From July 2, 1998, by virtue of the Service Tax (Rate of Tax)(Amendment) Order 1998, service tax shall be charged and levied on a charge or credit card provided and issued by any person at the rate of RM50 per card per year or any part thereof.
   
   
   
  a. Labuan Offshore Securities Industry Act, 1998

The Labuan Offshore Securities Industry Act, 1998 which came into force on April 1, 1998 provides a regulatory framework for the regulation of securities in Labuan including the establishment and administration of mutual funds in Labuan. It also provides for the creation of a facility for the listing of such securities on an exchange.

b. Labuan Offshore Financial Services Authority (Amendment) Bill 1998

The new bill seeks to provide the Labuan Offshore Financial Services Authority (LOFSA) with the proper authority to govern financial offshore business in Labuan. The proposed amendments provide LOFSA with additional power, inter alia :
   



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