The issue of the mechanism of applying value-added tax (VAT) rules on gold products of gold retail shops has been successfully resolved by the Egyptian Tax Authority.
It has been resolved by removing the additional taxes and making some services free of VAT, according to the authority.
The head of the Gold Division Hany Milad said that the new decision came after negotiations between the representatives of the Gold Division at the Cairo Chamber of Commerce, representatives of the Central Administration for Research, and a number of experts and officials in the Gold Office in Jamalia, at the Chamber’s headquarters.
"The decision is a result of a series of fruitful negotiations and talks on the release of the executive regulations which will clarify the methods of calculation and deduction of the tax."
During the meetings, the authority assured the gold dealers that gold examination procedures that take place in their retail outlets will be secure, legal, and exempt from additional taxes.
It's worth mentioning that the gold dealers had to pay a lot of tax liabilities to the country and were expected to pay additional taxes, which included taxes on the gold stamping method and value-added taxes on other services, denying their rights and causing a loss of profit.
Contributed by Ahmed Emam
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