Malaysia has officially gazetted the removal of its 10 percent import duty on eligible minted gold bars, bringing local market terms into alignment with regional trade hubs like Singapore and Hong Kong. The policy shift takes effect on November 1, under the Customs Duties (Amendment) Order 2026.
The Ministry of Finance of Malaysia finalized the tax adjustment plan, eliminating import tariffs on designated gold products starting November 1 according to an official fiscal document. The change specifically targets minted gold bars under subheading 7115.90.1000, reducing the levy from 10 percent to zero.
New Tax Rates Affect Gold Product Customs Declarations
Industry leaders noted that the policy directly alters cross-border circulation costs for processing entities.
Import and export enterprises must adhere to the new tax rate standards when filing customs declarations after the effective date. The policy adjustment is limited strictly to designated categories of gold products outlined in the fiscal text published by the Ministry of Finance.
Impact on Small Denominations and Regional Competitiveness
Business groups emphasize that removing the acquisition barrier helps local dealers compete more effectively against international markets that impose no import duties on investment-grade minted bars, including Thailand, Singapore, Hong Kong, and the United States.
The tariff removal targets small-denomination bars frequently acquired by households for wealth preservation. Consumers commonly purchase products in 1g, 2g, 2.5g, 5g, 10g, 20g, and 50g sizes to build savings according to individual financial capacity.
“This would help Malaysian businesses compete more effectively in the regional gold market,”
ACCCIM and FGJAM, via Klsescreener
Industry Response from ACCCIM and FGJAM Leadership
ACCCIM President Datuk Ng Yih Pyng noted that lowering acquisition costs provides meaningful relief for both commercial buyers and retail savers acquiring small-denomination pieces. Ng expressed appreciation to the Ministry of Finance and the Royal Malaysian Customs Department for their receptiveness to industry feedback, noting that the decision demonstrates the value of constructive public-private engagement.
“demonstrates the value of constructive public-private engagement and provides meaningful support to both businesses and consumers”
Datuk Ng Yih Pyng, ACCCIM President