Like other goods and services, gold is subject to VAT. Value added tax is an indirect tax that is collected from the final consumer. The gold purchase tax, which is paid by the final buyer to the seller, is also of the same type. The tax on the purchase of gold is finally paid by the gold sellers to the tax authority.
What is gold tax?
Most people try to protect their capital from inflation by buying gold. At the time of buying gold, the buyer must pay for the amount of gold he buys, the cost of manufacturing, the seller's profit and the tax on gold. These three factors significantly increase the price of each gram of gold.
Contrary to popular belief, gold is taxed. In fact, the purchase of gold will have value added tax. To put it more simply, value added tax is a type of indirect tax that is collected from consumers of goods and services. This tax is applied to the added value of various goods and services in the production process, and gold is no exception to this rule. The value added tax is collected by the service provider and the goods seller and deposited into the account of the tax affairs organization.
Gold tax rate
It should be said that the tax has been removed from the original gold. Only 9% tax is charged on the purchase of gold from the customer. In fact, according to the new gold tax law, the customer must pay the original price of gold, the seller's profit, wages and gold purchase tax of 9% of the wages and profits to the seller. It is not possible to buy gold. Because despite the fact that the profit of the seller and the tax rate are the same; But the production fee for each gold is different; Therefore, the gold tax is also variable.
Gold value added tax
Before removing the gold value added tax, the value added tax rate is applied to the final price of gold. In this way, you will be charged a tax on gold based on the sum of the original price of gold, the production fee and the seller's profit.
However, with the approval of the circular to remove the value-added tax on gold, today's gold tax does not include the original gold. In other words, gold is exempted from paying value added tax. The method of calculating the price of gold with the new tax law is in such a way that the original price of gold is exempt from tax and only the price of the seller's profit and the manufacturing fee is the source of the tax.
Removal of value added tax on gold
In response to the question, what date was the gold tax removed? It can be stated that from January 13, 1400, with the implementation of the permanent value added tax law, 9% value added tax will be applied on gold, jewelry and platinum, which does not include the original gold. The removal of gold tax has made gold a bold and safe way of saving. Because the amount of tax payment has been greatly reduced.
How is tax-free gold calculated?
According to the law of the Union of Gold and Jewelry, gold without remuneration, which is not subject to remuneration, is not subject to 9% value added tax. Also, 7% of sales profit is removed from the calculation formula and the price of gold is calculated as a gram.
What are the advantages of buying tax-free gold compared to new?
Because of the absence of wages, second-hand gold is a more suitable option for investment. Buying used gold by paying at least fifteen percent less to the seller than new gold, the possibility of benefiting from the ornamental aspect of second-hand gold, and the fact that this type of gold is cheaper than new gold, along with having more profit for you because you do not have to pay the seller. , is provided.
What does tax-free gold include?
This type of gold is known as free gold, but it refers to second-hand or used gold and melted gold.