Association seeks SST exemption on investment metals

  • Economy
  • Saturday, 14 Jul 2018

Gold closed February with a gain of more than 10 percent, the most for any month in four years.

KUALA LUMPUR: The Malaysia Gold Association wants investment precious metals (IPMs) and jewelleries to be exempted from the soon-to-be implemented sales and services tax (SST).

Honorary secretary Datuk Louis Ng Chun Hau said the association’s representatives have met with the Finance Ministry and Customs Department officials recently to give their views on the matter but no decision was reached.

“The first meeting with the authorities went well but they need to wait until the Cabinet meets on July 16.

“We expect them to meet us again by the end of this month to discuss the matter further,” he told Bernama after signing a partnership agreement with the National Entrepreneurial Group Economic Fund.

On the outlook for the precious metal, Ng said he expected the glitter to remain, with prices remaining range-bound between US$1,200 and US$1,300 per ounce despite the trade war between the United States and China. — Bernama

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