Gold bars get a tax break
The Malaysian government will remove the 10% import duty on minted gold bars starting November 1 to encourage wealth preservation and boost the local retail market. Industry leaders have praised the move, noting it aligns Malaysia with international gold market standards.
Why it matters
The policy change aims to make gold investment more accessible to middle- and lower-income households while increasing the competitiveness of the local gold industry.
PETALING JAYA: Malaysians who buy small gold bars as a way to save for the future can expect some relief when the 10% import duty on 999.9 minted gold bars is removed from Nov 1.
Federation of Goldsmiths and Jewellers Associations of Malaysia president Pang Ann Puo said they welcomed the government’s decision following representations made by the business community and gold and jewellery industry.
He said small-denomination minted gold bars ranging from 1g to 50g had become increasingly popular among young working adults and B40 and M40 households as an accessible means of saving and preserving wealth.
“The exemption would help reduce import costs, support more reasonable retail prices, encourage saving and wealth preservation and promote the growth of the local gold retail market.
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