Malaysia just made gold investing meaningfully more expensive. A 10% customs tax on physical gold bars meeting London Bullion Market Association standards takes effect June 8, 2026, ending the country’s previous exemption on gold bullion import duties.
Bank Muamalat Malaysia Berhad announced the policy change on May 18, marking a sharp pivot in a country that previously levied zero import or export duties on gold bullion or jewelry. For investors holding or purchasing LBMA-standard bars through Malaysian banks, the math is straightforward and unfriendly: an additional RM45,000 on every kilogram bar priced at approximately RM450,000.
What changed and who gets hit
The tax specifically targets LBMA bars, which are 99.99% pure gold and meet the international wholesale standard used by central banks, institutional investors, and major trading houses worldwide. These are the bars most commonly available through bank gold accounts in Malaysia.
Non-LBMA gold savings products appear to be unaffected, at least based on initial reports. That creates a two-tier dynamic where the most internationally recognized, highest-purity gold bars carry a tax premium that cheaper alternatives don’t.
