The imminent introduction of the Goods and Services Tax (GST) might not apply to investments in precious metals, predicts a company which specialises in the trade.
Pos Ar Rahnu Sdn Bhd senior vice president Abd Razak Mohd A Kadir told The Rakyat Post that his firm, along with banks, wholesalers, and retailers dealing in gold, met the representatives of the Federal Government recently to discuss a GST exemption on investment gold, such as gold bullion and the gold dinar.
Abd Razak argued that if the 6% GST was to be imposed on traded gold, the Malaysian market’s customer base would take their business to Singapore, which does not impose a tax on gold.
