The Egyptian Tax authority has set the developments of the value-added tax to be applied on July 1, 2022, based on the protocol signed between the two pisions of gold and jewelry merchants and markets.
Hany Milad, Head of the General Division for Gold and Jewelry at the Federation of Chambers of Commerce, said the protocol specified "workmanship" as a value for linking the tax on the sale of gold works, and also includes a clause related to the renewal of the agreement on the first on July 1 of each year.
Milad added that the Egyptian Tax Authority determined the average craft value for local crafts from July 1, 2022, until June 30, 2023, by calculating 14% as a value-added tax.
He noted that it was agreed to increase the average workmanship values by 10% annually for local crafts, starting from 1/7/2022 until 30/6/2023.
Milad pointed out that the tax is collected upon stamping to cover the manufacturing stage and the rest of the trading stages, and the value of the value-added tax to be applied on gold amounted to about EGP 9.24 on 23.5-karat, EGP 6.16 on 21-karat, and EGP 9.24 on 18-karat.
He explained that while the tax on platinum is twice the average value of 18-karat, which is about EGP 18.48, and on precious stones and diamonds, it is twice the average of 18-karat, the value of the tax is EGP 18.48.
Contributed by Israa Farhan
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