I know coins with no legal tender status are taxed at 15%, but does it apply to those with legal tender status too?

My understanding is all imported coins are with no legal tender status. Only BNM can issue coins with legal tender status recognised by Malaysian Government. In other words, all imported silver coins are subjected to 15% tax.

This post has been edited by cruzzie73: Sep 26 2011, 11:13 AM

Ok so even if for example I import Canadian Silver Maple, its not considered as 'legal tender' even though it has a Canadian dollar value?

There is no tax for silver bars right?

I haven't imported any coins before, so I dont really know. But from what Ive heard, the customs won't care one. If they want to tax you, they can do that.
Even for bars (PAMP Suisse) also have case where they impose tax. It depends on luck also la...

So long the coin has any value backed by any government, it's taxable 15%. As simple as that.

boss, i talked to marcus, can bank in to lock down price. he will give u info on the bank acc

really? i thought coins which are not legal tender are not taxable?
http://tariff.customs.gov.my/
search for "coin" or HS code 7118

Yup, it's true,

It's always a gamble to import to malaysia, especially when your items are in thousands and it's small, they will even want to check more. Either they hold your goods until you are willing to pay or they auction it off if unclaimed.

I've imported many different types of items to malaysia, anything that did not go under their radar, they will slap at least a 10% sales tax or something. So it doesn't mean your cost are fixed at certain amount until it has arrived at your house and no extra tax to be paid required.

Best person to ask is GOLDCHAN, he has been importing bars and coins for past year and he can tell you all the story about his goods stuck for weeks while the price of silver just roll down the hill..

chef

PS So to correct 3think post, the custom will tax anything they think is taxable, and they are allow to use MARKET price in malaysia as a gauge to charge the tax, does not mean you declare RM 10 means they tax you RM 10. They can check with a few source and come back to you saying your goods are RM 200 and you have to pay whatever tax they impose, don't play play with the custom. I've 9 years of experience importing other goods, it's never fixed. Those who told you it's o.k are those who have not enough years with importing goods.

Not legal tender 5%, legal tender 15%, at least 15% is what our forumers are being tax now. Correct me if I'm wrong.

Sigh, no wonder our nation will always remain a backward country...

It is Import duty (5%) + Sales tax (10%). So total is 15% for all imported coins, except gold coins.
And if i'm not mistaken, to export silver article there is export tax too.
Gold is the only PM totally unregulated, whether import or export, bars or coins.

This post has been edited by cruzzie73: Sep 26 2011, 11:51 AM

Hi guys,

Has anyone bought gold bullion from UOB Bank before? Is there any extra charges other than the rate publish in their website?

Say if the rate published in the UOB website is:

1 OZ GOLD MAPLE LEAF 5544 5359

So we are paying RM5544 for 1Oz Gold Maple Leaf and if we sell it back on the same day, we are going to sell it at RM5359. Any hidden charges (admin charges?).

Same goes with Maybank Kijang Emas?

Kindly advice. Thanks guys.

Thank you for the clarification.

you posted in the wrong thread. this is the silver thread.

anyway, to answer your question, what you see is what you get. zero admin charges.

buy rm5544, sell back immediately to them, you get back rm5359.

Well, and then there are those who paid under table money in large sums to bring in whole lorry of goods tax free.

I tell you it's not a very balance way, but it is the way of business, those who dares win. I have never believe in doing that kind of things with government agency, because these kind of things comes back to haunt you, so I rather not get involve than even start small. right?

Anyway, To hope for a clean government, we must start somewhere and we are all waiting for the day it will start.

chef

What you are looking for anyway? what kind of coins or bar? I'm always interested to know who is looking for what because I want to collect all types but a few each.

28.330 now

opps.. Sorry, thought I was in the gold thread. But Thanks for the answer.

Wow below 28 now..

Looking at the chart, it's probably just the beginning. When silver drops, it drops hard. I am expecting the volume to continue heading south for another day or two. This could be the start of US financial crisis. They should have a name for it now - just like the 2008 sub prime.

This post has been edited by 3think: Sep 26 2011, 01:26 PM

Now we waiting for USD26 ??