Kuala lumpur: The Malaysia Gold Association (MGA) is calling for greater government support to promote Malaysian gold products in international markets.

According to BERNAMA News Agency, MGA President Datuk Seri Louis Ng has suggested incentives and increased allocations for the Malaysia External Trade Development Corporation (MATRADE) to help promote Malaysian gold products globally. Ng expressed the association's hope for incentives or perhaps additional allocations for MATRADE to support the gold industry in international markets under Budget 2027. He emphasized that such incentives would enable local manufacturers and other industry players to expand further into international markets. Ng made these remarks to reporters after the launch of the Malaysian Gold Festival (MGF) 2026.

Ng also highlighted the association's satisfaction with the current tax structure for the gold industry and urged the government to maintain this environment under Budget 2027. He noted that the existing tax policies in Malaysia are conducive for the gold industry, and continued support would benefit the sector significantly.

Budget 2027 is set to be presented in Parliament by Prime Minister Datuk Seri Anwar Ibrahim on October 9. In addition to the budgetary concerns, Ng mentioned that MGA has been in discussions with the Royal Malaysian Customs Department (RMCD) about the 10 percent import tax on imported gold bars. This tax treatment was clarified in a meeting with RMCD officials, where it was confirmed that minted bars, especially those in finished and packaged form, are subject to the 10 percent tax, whereas kilobars and cast bars are exempt.

On May 26, reports indicated that Malaysia's imposition of a 10 percent import duty on certain gold bar shipments has disrupted the bullion trade within the country, according to traders familiar with the matter.