Watches are taxable items. 20% of the declared amount will be imposed.
Not taxable but might subject to get an AP approval from SIRIM

AP and tax is 2 different things. AP for example is the permit given to you if you want to import certain things which need SIRIM. ie like handphones. Whether the item is taxable or not is under Custom dept, regardless of AP. You need to confirm with Customs for that. Call them cause many complaint that the Custom website is confusing or not complete (no info).

Just like cars, you need AP permit to import overseas car. And yes its taxable.

BTW watches I heard is tax free or duty free. Is is the same? Tax & Duty? Need someone to confirm this. Many times I passed by watches shop and saw the duty/tax free stickers on their display glass.
I don't think you can call it tedious. But you can ONLY apply it at Putrajaya office. Spend whole working day for me (Perak) to drive to Putrajaya. Why do you want to import laptop from overseas? We do have many choices here in Malaysia? Unless you can get it so much cheaper in other countries. This wasn't intend to scare you but handphones for example, cost rm200+ for AP (SIRIM sticker) for 1 handphone. Don't know about laptop. Hand carry or courier? If hand carry, you can claim it as a used item, maybe they won't tax you (withput the box)