Import Tariff for Gold And Silver....

[silveredy]

Hey guys,

Have been researching for info on bringing in gold and silver into malaysia for quite some time now. Not sure why it is so hard to get important info after gooling and reading all those pages.
Before I go with my last resort by asking the authority like the customs and post offfice I will ask you guys first. It seems you guys have been in this business for a long time already.

So here it goes.

1. What is the the import tariff(excise or sale tax) for gold and silver? From my research I got 15% but just recently someone in the silver business said it is 30%. So that was a real surprise to me.

2. From my research I gather that 0% tax for all type of gold and also 0% tax for silver bar or silver round like the silver buffalo. Also from my understanding only silver coin with legal tender will be taxed. Is that true?

3. Is it true that package under rm500 including shipping will not be taxed? From my understanding less than rm500 means it is just for personal use so no tax.

4. Do we have to declare package under rm500 if it is gold or silver and does the tariff also apply to them although it's less than rm500?

5. If a package is declared silver or gold but less than rm500 does the customs still open it to check it out?

6. Once our package is stopped by the customs how do we know about it and what is the process to claim it? Do we have to go to the customs office in KL or it is possible to claim it in city where you live like Kuantan.

Alright guys that's it for now. Really hoping for a clear feedback. :cool:

Thanks.

[pywong]

Does this answer your question? I don't think there is any duty on gold. If you find anything new, do let us know.

Silver: Customs Duty. (http://www.tindakmalaysia.com/showthread.php/376-Silver-Customs-Duty?highlight=import+duty)

Sorry, the link does not work anymore. Try googling "Malaysian bullion silver under code 7106" or check up the Customs book on 7106.

[rogerparker]

The government may raise the import duty on gold and silver in the Union Budget, according to traders. Industry representatives say the government may be tempted to raise the duty on gold and silver by Rs 100 per 10 gram and Rs 500 per kg, respectively.