THIS NOTICE SHALL APPLY TO AND MUST BE READ TOGETHER WITH ANY OTHER TERMS AND
CONDITIONS FOR HONG LEONG INVESTMENT BANK BERHAD PRODUCTS AND SERVICES
GST NOTICE
(a) For the purpose of this Notice:
"Tax" means any present or future, direct or indirect, Malaysian or foreign tax, levy, impost, duty, charge,
fee, deduction or withholding of any nature, that is imposed by any Appropriate Authority, including, without
limitation, any consumption tax such as the goods and services tax ("GST") and other taxes by whatever
name called, and any interest, fines or penalties in respect thereof.
“Appropriate Authority” means any government or taxing authority.
Client” means a person or entity who has opened or maintained an account or a facility with Hong Leong
Investment Bank Berhad (“HLIB”) and/or any other party who has appointed or engaged HLIB for any of its
services or facilities.
(b) Unless specifically quoted as inclusive of GST, the fees, expenses, costs, charges, handling and
administrative charges, service charges, commissions, levy, brokerages and/or all other monies to be paid
by [Client] to HLIB including any amount representing reimbursements to be paid by [Client] to HLIB
(“Applicable Sum”), shall be exclusive of GST and any other Tax, and shall be paid without any set-off,
restriction or condition and without any deduction for or on account of any counterclaim or any deduction or
withholding. In the event of any change to the applicable GST rate, prices which are quoted as inclusive of
GST shall be adjusted accordingly to take into account such change.
(c) In the event the Client is required by law to make any deduction or withholding from the Applicable Sum
and/or all other monies payable to HLIB under these terms and conditions herein in respect of any Tax or
otherwise, the sum payable by [Client] in respect of which the deduction or withholding is required shall be
increased so that the net Applicable Sum and/or the net amount of monies received by HLIB is equal to
that which HLIB would otherwise have received had no deduction or withholding been required or made.
(d) The Client shall in addition to the Applicable Sum and/or all other monies payable, pay to HLIB all
applicable Tax at the relevant prevailing rate and/or such amount as is determined by HLIB to cover any
Tax payments/liabilities/obligations in connection therewith, without any set-off, restriction or condition and
without any deduction for or on account of any counterclaim or any deduction or withholding, apart from
any Taxes which may be required under any laws to be paid by the Client directly to any Appropriate
Authority, which the Client shall remit directly to the Appropriate Authority .
(e) If at any time an adjustment is made or required to be made between HLIB and the relevant taxing
authority on account of any amount paid as Tax as a consequence of any supply made or deemed to be
made or other matter in connection with these terms and conditions herein by HLIB, a corresponding
adjustment may at HLIB's discretion be made as between HLIB and Client and in such event, any payment
necessary to give effect to the adjustment shall be made.
(f) All Tax as shall be payable by the Client to HLIB as herein provided shall be paid at such times and in such
manner as shall be requested by the HLIB, failing which the Client shall pay to the HLIB interest at the rate
of ten percentum (10%) per annum calculated on a day to day basis on the amount of Tax unpaid from the
due date until payment.
(g) The Client hereby agrees to do all things reasonably requested by HLIB to assist HLIB in complying with its
obligations under any applicable legislation under which any Tax is imposed. In the event a new Tax is
introduced and such Tax is required to be charged on the transaction contemplated in these terms and
conditions herein, the Client agrees to provide its fullest cooperation to HLIB in assisting HLIB in complying
with its obligations under the relevant laws.
(i) The Client shall indemnify HLIB and shall hold HLIB harmless from any liability arising as a result of any
breach of obligation on the part of the Client to pay the Tax as set out herein, together with all loss, costs
and expenses resulting from such breach. Nothing in these terms and conditions herein requires HLIB to
pay any amount of fine, penalty, interest or other amount for which the Client is liable for.
(j) For the avoidance of doubt, the parties agree that any sum payable or amount to be used in the calculation
of a sum payable expressed elsewhere in these terms and conditions herein has been determined without
regard to and does not include amounts to be added on under this clause on account of Tax.
Kindly refer attachment ---> GST Notice
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