In order to boost the local tourism industry and to make Malaysia as a shopping haven for branded goods at competitive prices, the government proposes to abolish import duty range from 5% to 30% on about 300 goods favoured by tourists and locals, with immediate effect from Oct 15, 2010.
Visit luxury shops like Louis Vuitton (LV), PRADA or Gucci to check out their prices. However, the prices may not immediately effected for such import duty abolishment as there will need a lead time from import to selling on the shelves to you. It also depends how much the retailers want to keep the profits to themselves and reduce the prices to you as the buyers.
What are the 300 goods items list to which import duty will be abolished?
Although the Budget Appendix stated there is a detailed list of those products as in Appendix A, but it was not found in the Budget Appendix nor the Budget Speech itself. The detailed list is also not published in the government official websites, e.g. www.customs.gov.my or www.treasury.gov.my.
Update on detailed list of abolished products:
Royal Malaysian Customs feedback to us as follows:-
You may get a copy of the Embargo at the Percetakan Nasional Berhad as the address stated below:-
Percetakan Nasional Berhad
Jalan Chan Sow Lin
50554 Kuala Lumpur
Tel : 03-92366888