Malaysia imposed a 10% import duty on some gold bar shipments starting at least in early May 2026, affecting the bullion trade across the country [1, 2, 3]. The increased tax burden has made gold imports unprofitable unless local gold prices rise correspondingly, resulting in shipment delays and diversions at customs [1, 2, 3].
Bank Muamalat Malaysia confirmed the import duty cost will be passed directly to customers, stating, "Whenever a 10% import tax on bullion is charged, the cost shall be transferred to customers" [1]. This raises costs for buyers and could dampen demand.
The bullion industry has faced logistical challenges since the policy was enforced, with several gold bar shipments held up by customs or rerouted to other markets due to the sudden tax introduction [1, 2, 3]. Royal Malaysian Customs said the Ministry of Finance will engage with the industry regarding the imports of minted gold products to seek clarity or adjustments [1]. A department spokesperson said, "The Ministry of Finance will be 'engaging with the industry' regarding the imports of 'minted gold products'" [1].
The new duty comes after gold prices rallied to record highs earlier in 2026, which had boosted investor interest in gold both in Malaysia and across Asia [1, 3]. Malaysia imported around RM9.7 billion (approximately US$2.5 billion) of non-monetary gold through April 2026, illustrating the sector's significant scale prior to the tax's introduction [1, 3].
In response to rising demand earlier this year, global logistics firm Loomis AB opened a bullion vault near Kuala Lumpur to better serve the market, though the recent import duty may affect usage levels [1, 3].
The tax on gold imports started around May 1, 2026, shortly after the strong surge in gold prices and large import volumes recorded through April [1, 2, 3]. The Ministry of Finance’s ongoing consultations with industry stakeholders will be the next step to address the disruption caused by the 10% duty [1].
