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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15607
Experience:  International tax
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I have a friend in Malaysia who has gone there to buy jewellery

Customer Question

I have a friend in Malaysia who has gone there to buy jewellery she has exceeded her bank limit and owes £21000 in duty how can she go about getting cash to pay this and bring her goods home
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
HelloThe import duty rate for importing Jewelry into the UK is 2.5% , the import VAT is 20%, when classified under Jewellery & Watches → Jewellery of precious metals → Gold Jewellery | other - without jadeite / rubies with HS commodity code 7***-**-****. As far as getting the cash to pay she should look to regular channels for lending.
Customer: replied 2 years ago.

How could she access a lending facility in Malaysia could you recommend one please

Expert:  TaxRobin replied 2 years ago.
I am not allowed to recommend a company or any professional (site rules prohibit).Perhaps their bank in the UK has a Malaysian bank office. If not, sending cash from the UK to Malaysia can be expensive.
Customer: replied 2 years ago.

So you are basically saying that she cannot access a loan from anywhere in Kuala Lumpur

Expert:  TaxRobin replied 2 years ago.
No, I am not saying that. I am saying that the Just Answer site does not allow me advising or recommending a specific provider of this loan.
Customer: replied 2 years ago.

Would there be a lender out there who could help?

Expert:  TaxRobin replied 2 years ago.
Yes there are lenders there. Lending is licensed in Kuala Lumpur and Malaysia so tell your friend to make certain the lender is licensed.