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Thread: Silver: Customs Duty

   
   
       
  1. #1
    Join Date
    Oct 2008
    Posts
    13,391

    Silver: Customs Duty

    According to this link, http://www.apectariff.org/tdb.cgi/ff...nd.cgi?MY+7106, there is no import duty for bullion silver under code 7106. However, a 5% export duty is applicable. If you were to import silver as jewelery, you incur a 10% duty.

    I observe the spread for silver coins is very big and yet some forumers still buy. Probably, they expect a huge spike in price to compensate for the spread.
    py

  2. #2
    Join Date
    Mar 2011
    Posts
    5
    According to me silver is also very precious metal. Investing in silver you can get more benefits from it. This is wrong that government increases the custom duty in silver. I have read your post and import silver as jewelery that we have to pay 10% duty as you said.

  3. #3
    Join Date
    Mar 2011
    Posts
    1
    Importing silver coins there is a different tariff code:-

    7118100000
    - Coin (other than gold coin), not being legal tender Import Tax 5% Sales Tax 10%


    7118100100
    - Gold coin Import Tax 0% Sales Tax 0%

    Customs can still squeeze a few bucks you

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