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MALAYSIA - Trade Statistics
During the late 18th and 19th centuries, Great Britain established colonies and protectorates in the area of current Malaysia; these were occupied by Japan from 1942 to 1945. In 1948, the British-ruled territories on the Malay Peninsula formed the Federation of Malaya, which became independent in 1957. Malaysia was formed in 1963 when the former British colonies of Singapore and the East Malaysian states of Sabah and Sarawak on the northern coast of Borneo joined the Federation. The first several years of the country's history were marred by Indonesian efforts to control Malaysia, Philippine claims to Sabah, and Singapore's secession from the Federation in 1965.
Official Country and Macro Economics Information
GDP per capita: (RM billion) 219.4
Total Export: (RM billion) 303.51
Top Export Items:
Electrical and Electronics, Chemicals, Palm Oil, Machinery Appliances, Crude PetroleumTop Import Items:
Electrical and Electronics, Machinery Appliances, Iron and Steel Products, MetalTop Trading Partners:
United States, Singapore, Japan, China, TaiwanOfficial Currency: Ringgit Malaysia (RM) divided into 100 cent
GNP: RM 200.6 Billion
Income per capita: RM 13, 361.00 / USD 3516.00
Taxation and Customs Clearance Information
Taxation
All income of companies and individuals accured in, derived from or remmited to Malaysia, are liable to tax. However, income derived from outside Malaysia and remmited to Malaysia by resident companies (expect those involved in banking, insurance, air and sea transportation business) non-resident companies and individuals are expemted from tax.
Duty
Import Duty - in Malaysia import duty is mostly imposed ad valorem although some specific duties are imposed on a number of items. Nevertherless, over the past few years, Malaysia has abolished import duties on a wide range of raw materials, components and machinery.
Excise Duty - levied on selected products manufactured in Malaysia, namely cigarettes, liquors, playing cards, mahjong tiles and motor vehicles. Company with Licensed Manufacturing Warehouse (LMW) status that manufactures goods subject to excise duty are exempted from being licensed under Excise Duty Act 1976-
Import/Export/Transhipment Regulatory Requirements
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