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EPF Withdrawals Not Subjected To GST

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KUALA LUMPUR: Withdrawals from the Employees Provident Fund (EPF) are not subjected to the Goods and Services Tax (GST), which took effect yesterday.

In a statement today, the EPF reminded its members not to appoint agents or third parties to assist in making any withdrawals.

“Members who meet the requirements are advised to deal directly with the EPF to make withdrawals.

“As for the EPF Members Investment Scheme, the EPF will not impose the GST on the amount transferred for investments,” it said.

It said under the scheme, members were allowed to transfer a portion of their EPF money to invest in the unit trust funds approved by the EPF.

“Members are strongly advised to understand the costs and risks involved, and seek advice from qualified advisers, before deciding to participate in the scheme,” it said.–BERNAMA

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