{"id":40126,"date":"2018-06-11T08:32:31","date_gmt":"2018-06-11T00:32:31","guid":{"rendered":"https:\/\/investpenang.gov.my\/pga-zero-rated-gst-a-boon-to-gold-jewellery-export\/"},"modified":"2025-11-28T16:22:17","modified_gmt":"2025-11-28T08:22:17","slug":"pga-zero-rated-gst-a-boon-to-gold-jewellery-export","status":"publish","type":"post","link":"https:\/\/investpenang.gov.my\/zh-hans\/pga-zero-rated-gst-a-boon-to-gold-jewellery-export\/","title":{"rendered":"PGA: Zero-rated GST a boon to gold jewellery export"},"content":{"rendered":"

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” el_class=”sec-inner-banner” css=”.vc_custom_1703741584745{background-image: url(https:\/\/investpenang.gov.my\/wp-content\/uploads\/2023\/12\/contact-banner-bg.jpg?id=20253) !important;}” z_index=””][vc_column][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=”” el_class=”inner-banner-row”][vc_column_inner][vc_column_text]<\/p>\n

PGA: Zero-rated GST a boon to gold jewellery export<\/h1>\n

[\/vc_column_text][vc_separator type=”normal” el_class=”red-separator” color=”#ee4023″ transparency=”1″ thickness=”2″ up=”15″ down=”15″][vc_column_text css=”” el_class=”white-text”]<\/p>\n

11 June 2018<\/p>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1703764846254{background-color: #f3f5f8 !important;}” z_index=””][vc_column el_class=”fade-in animate”][vc_empty_space height=”120px” el_class=”height-x120″][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=””][vc_column_inner][vc_single_image image=”29078″ img_size=”full” qode_css_animation=”” el_class=”single-featured-image”][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=”60px” el_class=”height-x60″][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=”” el_class=”content-row”][vc_column_inner][vc_column_text]GEORGE TOWN: The Penang Goldsmith Association (PGA) is projecting the export of Malaysia\u2019s gold jewellery at an estimated RM6.7bil this year, up from an earlier forecast of RM4bil in March.<\/p>\n

PGA adviser Joeson Khor told\u00a0StarBiz<\/em>\u00a0that the zero-rated goods and services tax (GST) would help to boost the value of gold jewellery export this year.<\/p>\n

When GST was imposed, gold jewellery manufacturers have to register for the approved jewellers scheme, approved traders scheme, or approved traders and manufacturers scheme to import gold bars.<\/p>\n

Both small and medium-sized gold jewellery manufacturers and exporters would have to spend between RM700,000 and RM1mil in GST to import the gold bars used to make jewellery-related products.<\/p>\n

\u201cIt affected the small and medium size gold manufacturers\u2019 capability to export and stay competitive in the market, influencing the volume and value of gold jewellery products exported.<\/p>\n

\u201cNow that GST has been zero-rated, we can expect an increase in the overseas sales of gold jewellery products,\u201d he pointed out.<\/strong><\/p>\n

Khor did not expect an increase in the domestic sales of gold jewellery due to the economic slowdown.<\/p>\n

\u201cWe hope business will pick up in the second half 2018 and are very positive on the retail sales in 2019.<\/p>\n

\u201cA lot will also depend on whether gold products will come under the sales and service tax (SST) when it is reintroduced in September,\u201d he added.<\/p>\n

The present gold price of US$1,290 per ounce is expected to remain stable, Khor noted.<\/p>\n

On the introduction the SST in September, the Malaysia Gold Association (MGA) has urged the federal government not to impose SST on all gold items.<\/p>\n

\u201cWe want the situation to be like what it was prior to the introduction of GST. If there is no SST, the demand for gold products would increase and help to stimulate the local gold bar investment and gold jewellery business.<\/strong><\/p>\n

According to MGA secretary Datuk Louis Ng, the MGA has requested to meet with the Finance Ministry to discuss the matter.<\/p>\n

MGA expected that with the zero-rated GST, the sales of gold jewellery in the country would improve. \u201cHowever, the business of investment gold bar is expected to be flat,\u201d Ng added.<\/p>\n

Source:\u00a0The Star<\/a><\/p>\n

Photo Credit: The Star[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=”120px” el_class=”height-x120″][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

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11<\/h2>\n
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June \u201818<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"author":2,"featured_media":29078,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[316],"tags":[],"news_year":[272],"news_month":[224],"local_insights_alphabet":[],"acf":[],"_links":{"self":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts\/40126"}],"collection":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/comments?post=40126"}],"version-history":[{"count":2,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts\/40126\/revisions"}],"predecessor-version":[{"id":40128,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts\/40126\/revisions\/40128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/media\/29078"}],"wp:attachment":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/media?parent=40126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/categories?post=40126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/tags?post=40126"},{"taxonomy":"news_year","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/news_year?post=40126"},{"taxonomy":"news_month","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/news_month?post=40126"},{"taxonomy":"local_insights_alphabet","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/local_insights_alphabet?post=40126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}