Egypt’s Gold Division intends to study issues concerning the return policy on Jewelry products accented with glass and precious stones in a bid to reshape the gold industry and reset the market.
With regards to the impact and effectiveness of the pision's decisions in controlling the market, gold expert and the head of Gold pision Hany Milad said that the member of the chamber and gold dealers and representatives of giant manufacturers such as L'azurde, Egypt Gold, Andrea, and George, and King Gold had recently held a fruitful meeting to discuss joint programming in crucial issues related to the gold returns criteria.
In that context, Milad stressed that this meeting was necessary to build a partnership between the gold chamber and private sectors in order to minimize reform errors and encourage consumers and workers to play their part in disciplining market behavior as well as developing solutions to the problems of the industry
“They met to find solutions to their problems and also create conditions more suitable for achieving these goals,” he mentioned.
He affirmed that the pision also seeks to defend the rights and obligations of states as well as combat tax evasion. “The tax measures should, of course, be consistent with the real profit and actual income of retail gold dealers and be formulated in line with the new challenges resulting from illegal gold-buying operations,” he noted.
In the same context, he revealed that the gold pision introduces a new procedure to amend the relevant legislation regarding the tax of gold retails.”
He added the meeting described the regular steps taken to ensure multilateral surveillance and introduce new steps to meet the gold retailers and citizen's needs and its obligations to combat the tax evasion by, inter alia, implementing existing legislation, enacting new legislation, and enhancing the quality of life of all citizens and reflects core values and sociable responsibility.
Ultimately, he said that the pision believes that the issues should be seized as an opportunity to reshape the gold investment standards in order to promote sustained and sustainable economic growth.
Contributed by Ahmad Emam
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