Malaysia Watch Forum

Main Forums => General Discussion - Modern Watches => Topic started by: bimmerman on May 11, 2018, 09:53:55 AM

Title: Watches and taxation... What now?
Post by: bimmerman on May 11, 2018, 09:53:55 AM: Good day everyone and indeed it is a good day.

In light of the major developments and change in the last few days, what do you think will happen to the prices of watches in the days to come? Correct me if i'm wrong but watches were tax free before GST right?

With the strength of the Ringgit (or lack of) offset by the proposed abolishment of GST, will we be looking at a major drop in prices for our favourite brands?
Title: Re: Watches and taxation... What now?
Post by: Yoda on May 11, 2018, 06:38:26 PM: Before GST era there was no tax.

Long before time our RM is strong, hence the watches from overseas tend to be cheaper.

Owing to recent changes we have to wait may be one to two years to see the price 'decrease'.

Will not be immediate but surely will head to the better pricing for consumers
Title: Watches and taxation... What now?
Post by: niteowl on May 16, 2018, 04:40:50 PM: Guys, with the recent abolishment of GST or rather it being 0% rated, does that mean that if we buy preowned watches, there will be no more taxes when it reaches our Kastam?

Or will SST be applied here ? Any idea ? Thanks

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Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 16, 2018, 04:51:24 PM: If watches remain duty free as before the GST era then watches will revert to being duty free. No tax.
Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 16, 2018, 04:56:19 PM: Same goes for cameras and lenses. Before GST you could order online from overseas and if it was declared as camera equipment then it sails right through Kastam untaxed. But when GST was introduced, 6% was slapped on anything with a value exceeding RM500.
Title: Re: Watches and taxation... What now?
Post by: niteowl on May 16, 2018, 04:58:20 PM: Ya, true. But now how ? News report state that imported goods also no GST. But any indication of it is still duty free as before for watches ?

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Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 16, 2018, 05:02:26 PM: Well, I suppose watches and cameras are still duty free till further notice. Hoping they are at least.
Title: Re: Watches and taxation... What now?
Post by: niteowl on May 16, 2018, 05:16:42 PM: Agree with you on this bro.

If anyone brings in a watch more than RM 500 after 1 Jun, please share your experience ya.
Thanks

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Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 16, 2018, 05:27:19 PM: I do have a watch coming in but unfortunately it won't make the June 1 GST cutoff date as it's due to arrive next week. I do hope it won't get taxed. Will report back here on what happens. Watch this space.
Title: Re: Watches and taxation... What now?
Post by: niteowl on May 16, 2018, 05:29:23 PM: Well, usually you have 30 days to collect the watch in Kastam so you can try to go after 1 Jun ?
Unless they follow the date it arrives but who knows,may get away with it...

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Title: Re: Watches and taxation... What now?
Post by: niteowl on May 16, 2018, 05:39:58 PM: Hmmm, actually was thinking... If it reaches you at the address you put , then likely no GST. If you have to collect in Kastam, then likely kena taxed...

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Title: Re: Watches and taxation... What now?
Post by: Cocas on May 16, 2018, 05:44:54 PM: I certainly wait till June 1st if I want to buy a watch. :Dancing_banana:
Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 16, 2018, 05:45:45 PM: Unfortunately it will be FedEx and the moment the seller posts, the details arrive at Kastam electronically and instantly and the GST invoice is prepared.
Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 16, 2018, 05:53:00 PM: Quote from: Cocas on May 16, 2018, 05:44:54 PM
I certainly wait till June 1st if I want to buy a watch. :Dancing_banana:

I certainly wanted to delay it but there was a chance I would lose it. I waited for the GST abolishment announcement but it never came and when it came it was declared fake news. It drove me nuts for 3 days and 3 nights and came monday morning I caved and pulled the trigger.

Well, it's done, now I either have to pay RM660 in taxes or I won't. We'll see... But whatever it is, that watch has been on my wish list for over a decade and I'm glad it's coming.
Title: Re: Watches and taxation... What now?
Post by: niteowl on May 16, 2018, 05:54:26 PM: Some wrist shots then would be really really nice.

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Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 16, 2018, 05:55:33 PM: Wrist shots you betcha!
Title: Re: Watches and taxation... What now?
Post by: niteowl on May 16, 2018, 05:56:15 PM: Awesome! Wish you the best of luck bro.

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Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 16, 2018, 06:02:34 PM: Thanks bro! Fingers crossed.

Anyone wanna guess what it is?

Here's a hint. It's an under the radar watch which nobody bought. Its not a part of the original trilogy and it can't be part of the new trilogy because the new trilogy was just released but it bears the name of one such watch in the trilogy.
Title: Re: Watches and taxation... What now?
Post by: niteowl on May 16, 2018, 06:31:40 PM: Either a Speedy or Seamaster derivative?

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Title: Re: Watches and taxation... What now?
Post by: Cocas on May 16, 2018, 06:37:59 PM: Quote from: bimmerman on May 16, 2018, 05:53:00 PM
Quote from: Cocas on May 16, 2018, 05:44:54 PM
I certainly wait till June 1st if I want to buy a watch. :Dancing_banana:

I certainly wanted to delay it but there was a chance I would lose it. I waited for the GST abolishment announcement but it never came and when it came it was declared fake news. It drove me nuts for 3 days and 3 nights and came monday morning I caved and pulled the trigger.

Well, it's done, now I either have to pay RM660 in taxes or I won't. We'll see... But whatever it is, that watch has been on my wish list for over a decade and I'm glad it's coming.

@bimmerman bro

Today news is real for sure .
Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 17, 2018, 03:24:11 PM: Quote from: Cocas on May 16, 2018, 06:37:59 PM
Quote from: bimmerman on May 16, 2018, 05:53:00 PM
Quote from: Cocas on May 16, 2018, 05:44:54 PM
I certainly wait till June 1st if I want to buy a watch. :Dancing_banana:

I certainly wanted to delay it but there was a chance I would lose it. I waited for the GST abolishment announcement but it never came and when it came it was declared fake news. It drove me nuts for 3 days and 3 nights and came monday morning I caved and pulled the trigger.

Well, it's done, now I either have to pay RM660 in taxes or I won't. We'll see... But whatever it is, that watch has been on my wish list for over a decade and I'm glad it's coming.

@bimmerman bro

Today news is real for sure .

Thanks bro! So now have to wait and see what happens lah. My watch is arriving before June 1. Yikes!
Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 17, 2018, 03:25:45 PM: Quote from: niteowl on May 16, 2018, 06:31:40 PM
Either a Speedy or Seamaster derivative?

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A fixed bezel Seamaster derivative. ;D
Title: Re: Watches and taxation... What now?
Post by: koryong on May 17, 2018, 09:24:57 PM: The top watch brands have never ever dropped prices - when GST is removed, they'll probably just implement a price increase.
Title: Re: Watches and taxation... What now?
Post by: niteowl on May 17, 2018, 09:39:36 PM: Quote from: bimmerman on May 17, 2018, 03:25:45 PM
Quote from: niteowl on May 16, 2018, 06:31:40 PM
Either a Speedy or Seamaster derivative?

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A fixed bezel Seamaster derivative. ;D

Hmm...ref 25012000?
Or vintage Seamaster perhaps ?

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Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 18, 2018, 05:31:11 AM: Quote from: niteowl on May 17, 2018, 09:39:36 PM
Quote from: bimmerman on May 17, 2018, 03:25:45 PM
Quote from: niteowl on May 16, 2018, 06:31:40 PM
Either a Speedy or Seamaster derivative?

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A fixed bezel Seamaster derivative. ;D

Hmm...ref 25012000?
Or vintage Seamaster perhaps ?

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It's not a 2501 but add a Seamaster and Speedmaster and it completes the Omega trilogy. Haha, I probably just gave it away there.
Title: Re: Watches and taxation... What now?
Post by: asimo on May 18, 2018, 08:21:15 AM: Quote from: bimmerman on May 16, 2018, 06:02:34 PM
Thanks bro! Fingers crossed.

Anyone wanna guess what it is?

Here's a hint. It's an under the radar watch which nobody bought. Its not a part of the original trilogy and it can't be part of the new trilogy because the new trilogy was just released but it bears the name of one such watch in the trilogy.

Are you referring to the LE Seamaster ?

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Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 18, 2018, 08:33:04 AM: Quote from: asimo on May 18, 2018, 08:21:15 AM
Quote from: bimmerman on May 16, 2018, 06:02:34 PM
Thanks bro! Fingers crossed.

Anyone wanna guess what it is?

Here's a hint. It's an under the radar watch which nobody bought. Its not a part of the original trilogy and it can't be part of the new trilogy because the new trilogy was just released but it bears the name of one such watch in the trilogy.

Are you referring to the LE Seamaster ?

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The Liquid Metal Planet Ocean 2500?
I wish! But nope.
Title: Re: Watches and taxation... What now?
Post by: niteowl on May 18, 2018, 08:36:25 AM: Quote from: bimmerman on May 18, 2018, 05:31:11 AM
Quote from: niteowl on May 17, 2018, 09:39:36 PM
Quote from: bimmerman on May 17, 2018, 03:25:45 PM
Quote from: niteowl on May 16, 2018, 06:31:40 PM
Either a Speedy or Seamaster derivative?

Sent from my iPhone using Tapatalk

A fixed bezel Seamaster derivative. ;D

Hmm...ref 25012000?
Or vintage Seamaster perhaps ?

Sent from my iPhone using Tapatalk

It's not a 2501 but add a Seamaster and Speedmaster and it completes the Omega trilogy. Haha, I probably just gave it away there.

Ah... Railmaster then

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Title: Re: Watches and taxation... What now?
Post by: bimmerman on May 18, 2018, 08:45:00 AM: Bingo!
Title: Re: Watches and taxation... What now?
Post by: Salience on May 21, 2018, 06:13:56 PM: because of gst removal, prices may dip. was told lots of people cancelled rolex orders because of GST but the richer dudes bought them because well, they've got money and they dont care about price difference.
Title: Re: Watches and taxation... What now?
Post by: firewire on May 27, 2018, 04:45:17 PM: Last week I was at AP starhill and I asked them will the watches be cheaper by 6% next month and they told me yes.

I think it will be that way for a couple of weeks until AP Switzerland make adjustment to the price to realign it to the region.

Or else AP Singapore and Thailand sales will dip.