Gold Tax & Duty Comparison

Argentina's excise tax (impuestos internos) on jewellery and precious stones (previously a 20% nominal rate under Ley 24.674) was repealed effective 1 April 2026 under Ley 27.802. No gold-specific IVA (VAT) rate or exemption was found in available sources beyond this now-repealed excise listing. Confirm current treatment with Argentina's tax authority (AFIP, Administración Federal de Ingresos Públicos) before a large transaction.

Investment-grade gold bullion sold in Australia -- bars/ingots at 99.5%+ purity, coins at 99.9%+ purity -- is GST-free. Jewellery and gold below those purity thresholds is subject to the standard 10% GST. Capital gains tax applies when investment gold is sold at a profit, with a 50% CGT discount available to individuals who held the asset for more than 12 months.

Investment-grade gold coins at 90%+ purity (Vienna Philharmonic, Maple Leaf, Krugerrand, and Austria's own ducats, crowns and guilders) and qualifying bars are VAT-exempt in Austria under the EU investment-gold rules. Collector coins and medals priced well above their metal value instead carry a reduced 10% VAT rate. No gold-jewellery-specific VAT rate distinct from Austria's standard rate was found in available sources.

Azerbaijan's standard 18% VAT applies to gold and jewellery imports and sales, with no reduced or zero rate available for these goods -- Azerbaijan's VAT system only has a standard rate and a zero rate (for exports and specific categories), no gold-specific carve-out. Sellers of gold, jewellery and diamonds are excluded from the simplified taxpayer regime, so standard VAT accounting applies.

Bahrain zero-rates gold, silver and platinum only when supplied as investment-grade metal (99%+ purity, in standard tradeable bar or coin form) under Article 74 of the VAT Executive Regulations — the National Bureau for Revenue explicitly states this does not extend to jewellery, which is standard-rated at Bahrain's 10% VAT rate.

As of the 2026-27 national budget, Bangladesh replaced the earlier 5% ad-valorem VAT on gold and platinum jewellery with a flat, weight-based VAT of Tk 2,500 per bhori, alongside a cut to the jewellery source tax from 5% to 0.5%. The same budget reduced the capital gains tax on profit from selling gold and jewellery from an earlier proposed 15% down to 5% in the final bill.

Bolivia applies a 13% IVA (VAT) to most goods and services, included in the sale price rather than added on top, giving an effective rate of roughly 14.9% on the pre-tax base. No jewellery-specific IVA rate or exemption was found in available sources; the general 13% IVA is the applicable rate absent a documented carve-out.

Gold treated as a financial asset in Brazil is subject to IOF (Tax on Financial Operations) at 1% under Lei nº 7.766/1989, Article 4º, while manufactured gold products can carry IPI (a federal excise-style tax) ranging from 5% to 18%. Brazil's 2026 tax year is a pilot period for a broader VAT reform still being phased in, so this structure is expected to change as the reform progresses — confirm current rates before a large transaction.

Cambodia charges a flat 10% VAT on the landed (CIF plus duty) value of imported goods, with import duties separately ranging from 0% to 35% depending on classification. A Special Tax (Excise) applies to sensitive or luxury goods, calculated before VAT, which industry sources indicate can extend to jewellery, though no gold-specific rate was documented in available sources.

Qualifying investment-grade bullion -- 99.5%+ pure gold or platinum, 99.9%+ pure silver, in bar, ingot, wafer or eligible coin form -- is exempt from GST/HST in Canada under the Excise Tax Act's definition of a precious metal as a financial instrument. Gold jewellery of any purity does not qualify for this exemption and is taxed at the applicable provincial GST/HST rate. Profit from selling investment gold is generally treated as a capital gain rather than fully taxed as ordinary income, though the specific tax treatment can depend on whether the holding is considered investment or business activity.

Imported gold, platinum, jewellery and precious stones face a 15% luxury import tax in Chile on top of the country's standard 19% IVA (VAT), which applies broadly to both domestic and imported goods. Small artisan miners and SMEs selling gold/silver ore are separately subject to updated rates under SII Resolution No. 48 (April 2026).

Gold bought directly from Shanghai Gold Exchange members for investment purposes -- bars and coins -- continues to carry the exchange's standard 13% VAT input-deduction treatment. Gold withdrawn by SGE members for jewellery manufacturing is limited to a 6% deduction as of the November 2025 reform, a cost jewellery retailers are expected to pass through to consumers rather than absorb.

Colombia's standard VAT (IVA) rate is 19%, administered by the national tax authority DIAN, and applies to the ordinary jewellery retail transaction the way it would to most other retail goods.

Qualifying investment gold is VAT-exempt in Denmark under the EU-wide investment-gold rules in place since 2000: gold bars and wafers must be at least 995 fine (99.5% pure), while gold coins qualify at 900+ fine (90% pure) provided they were minted after 1800, are or were legal tender, and are priced within 80% of their metal value. Gold jewellery and other non-qualifying gold products are taxed at Denmark's standard 25% VAT rate — the same rate that applies to investment silver, which unlike gold has no exemption.

Ecuador's import duty structure ranges from 0% on raw materials to 25% on most finished consumer goods under Andean Community rules, plus a mandatory 0.5% FODINFA surcharge on the CIF value of any import. No jewellery- or gold-specific IVA (VAT) rate was found in available sources; Ecuador's general IVA would apply absent a documented carve-out, so confirm current treatment with Ecuador's tax authority (SRI) before a large transaction.

Egypt's standard retail purity is 21K (87.5% fine) -- a distinctly different default from the higher purities common across the Gulf, so a quoted Egyptian price isn't directly comparable to a 22K or 24K figure without converting purity first. Jewellery purchases can also carry VAT on the making charge in addition to the workmanship fee itself, where the sale qualifies.

Qualifying investment gold (995+ fine bars/plates and eligible coins) is VAT-exempt in Finland under the EU-wide investment-gold rules. Gold jewellery and non-qualifying gold products are taxed at Finland's standard VAT rate of 25.5% — raised from 24% on 1 September 2024 — the same rate applied to investment silver, which has no equivalent exemption.

When gold is resold in France without proof of purchase (no invoice establishing origin and purchase date), the sale is subject to France's flat-rate precious-metals tax (taxe forfaitaire sur les métaux précieux, TFMP) at 11.5% of the total sale price; jewellery sold without an invoice instead benefits from an exemption up to €5,000, with a 6.5% withholding applying above that threshold. With a qualifying invoice, a seller can instead elect capital-gains treatment: a 37.6% rate on the actual gain, reduced 5% per year of ownership from the third year onward, reaching full exemption after 22 years of holding.

Georgia's 2026 tax law introduced a VAT exemption for investment-grade gold bars and coins meeting a specified fineness requirement, following the pattern already established across the EU and several other markets. Jewellery, collectible coins and scrap gold remain subject to Georgia's standard 18% VAT, as they follow separate rules from the new investment-gold exemption.

Germany's standard VAT rate of 19% applies in full to gold jewellery, since jewellery does not qualify for the Section 25c UStG investment-gold exemption regardless of its karat purity. Qualifying investment gold -- 995-fine-or-better bars/wafers and 900-fine-or-better legal-tender coins minted after 1800 -- pays no VAT at all under the same provision. Silver, unlike gold, does not receive an equivalent EU-wide investment exemption and is generally taxed at the standard 19% VAT rate.

Ghana abolished its 15% VAT on mineral exploration and reconnaissance in the 2026 budget, ending a levy that had been in place for 25 years, specifically to encourage new mining investment. Small-scale gold production separately carries a 2% royalty rate under Ghana's revised minerals and mining regulations. No jewellery-specific VAT rate was found in available sources; this change applies to exploration activity, not retail sales.

Hong Kong charges no VAT, GST, or general sales tax on gold at all. Mainland China's comparison depends on what's being bought: investment-grade gold bars and coins purchased through Shanghai Gold Exchange member channels have been VAT-exempt since 2003 and remain so, but gold jewellery effectively carries China's 13% VAT on the value-added/manufacturing portion — a burden that increased after China's November 2025 VAT reform reduced jewellers' input-tax deduction. Hong Kong's zero-tax treatment is a genuine advantage over mainland China specifically for jewellery buyers, not for investment-bar buyers, where mainland China is now also largely tax-neutral.

Landed gold carries a 15% import duty in India -- a 10% Basic Customs Duty plus a 5% Agriculture Infrastructure Cess -- before a further 3% GST is added at the point of retail sale. Together, that typically adds somewhere in the region of 18-20% on top of the underlying metal value by the time a buyer pays for a finished piece, separate from any making charge the jeweller adds.

Investment-grade gold bullion at 999.9 fineness -- such as the Antam bars referenced in this page's market notes -- is exempt from Indonesia's standard VAT (PPN), an effective 11% on most goods under the current adjusted tax-base mechanism, while jewellery and sub-investment-grade gold are taxed at that rate. Two 2025 finance ministry regulations, PMK 51/2025 and PMK 52/2025, restructured how licensed bullion financial institutions handle gold tax administration; purchases of bullion by those institutions can also carry a separate 0.25% income tax (PPh Article 22) on the buy price, with transactions under Rp10 million exempted from that withholding.

Since Iran's Permanent VAT Act (approved 23 May 2021), a 9% VAT applies to gold and jewelry sales — but only on the making/craftsmanship fee, contract work, and seller's profit margin, not on the value of the gold itself, which is VAT-exempt (Article 26, Section 4, Clause B).

Iraq's gold import tariff rose sharply in early 2026 under Cabinet Decision No. 957, from 250,000 Iraqi dinars per kilogram to as much as 12,000,000 dinars, alongside a separate 50,000-dinar test fee on imported jewellery. The change is part of a broader customs overhaul with revised tariff brackets ranging 0.5-30% across categories, and sparked public unrest among Iraqi gold merchants when it took effect.

Qualifying investment gold (995+ fine bars and coins, 1 gram or more, priced near intrinsic gold value) is VAT-exempt in Ireland under EU-wide investment-gold rules. Gold jewellery and other non-qualifying gold products carry Ireland's standard VAT rate. Profit from selling gold is subject to capital gains tax at 33%, with an annual exemption threshold of €1,270 per person as of 2026.

Imported gold and silver are subject to Israel's standard 18% VAT rate at the border. That applies to both new residents and returning citizens bringing gold into the country, not just commercial importers -- there's no personal-use or investment-grade exemption carved out the way there is in some other markets.

Investment gold (995+ fine bars/wafers over 1 gram, and qualifying legal-tender coins) is VAT-exempt in Italy under Article 10 of Presidential Decree 633/72. Under current rules, selling gold without proof of purchase triggers a 26% tax on the entire sale value rather than just the gain. A proposed one-time 12.5% (or, in an alternative version, 13%) levy that would have let holders certify undocumented gold's value instead was considered during the 2026 budget negotiations but was withdrawn and excluded from the final, approved Legge di Bilancio 2026 (approved 30 December 2025) — the standard 26% treatment remains in force.

Japan's 10% consumption tax applies to gold bullion and jewellery alike, with no investment-gold exemption of the kind common in Europe, Canada or Australia. Profit from selling gold bullion is taxed as a capital gain under Japan's Income Tax Act and combined with other income for comprehensive taxation, after a ¥500,000 special deduction. Holding period matters: for gold held five years or less, the full gain is taxable; for gold held more than five years, only half the gain is included in taxable income.

Kazakhstan's standard VAT rate rose from 12% to 16% as of January 2026, part of a broader tax code overhaul rather than a gold-specific change. That increase applies to the general consumption tax base and is worth factoring into any retail gold or jewellery purchase made after that date.

Raw, unwrought gold is generally VAT-exempt in Kenya, while processed gold (including finished jewellery) can attract the country's standard 16% VAT depending on the specific transaction. Imports separately carry a 3.5% import declaration fee and a 2% railway development levy on top of applicable customs duty, which ranges 0-100% (averaging around 25%) under the EAC Common External Tariff.

Kuwait has no VAT as of 2026 and it is not part of the current government's four-year development plan, unlike most other GCC states. Gold carries a preferential 0% import duty versus Kuwait's general 5% rate, and GCC-origin goods are duty-exempt under the regional customs union. Excise taxes on jewellery and other luxury goods (reportedly 10-25%) remain under active government discussion but were not enacted as of early 2026.

Laos applies a standard 10% VAT and a 10% import tax to goods generally, cumulative and levied on the landed cost for imports. No gold- or jewellery-specific carve-out from these general rates was found in available sources; AIF Gold's state-licensed monopoly on gold import and distribution is the more distinctive structural feature of the Lao gold market.

As of June 8, 2026, Malaysia charges a 10% import duty on LBMA-standard physical gold bars, ending a historic exemption. Gold meeting Investment Precious Metals (IPM) criteria (99.5%+ purity) remains exempt under Malaysia's Sales and Service Tax (SST), and gold jewellery is fully exempt from SST too — a structure dating to SST's 2018 introduction after Malaysia abolished GST.

Article 2-A, section I(h) of Mexico's VAT law (Ley del Impuesto al Valor Agregado), in place since 1994, sets a 0% VAT rate for gold sales -- jewellery, ingots, silverware and ornamental pieces -- with a minimum gold content of 80%, provided the sale isn't conducted as an ordinary retail sale to the general public. The provision exists partly to keep Mexican gold price-competitive internationally: applying Mexico's standard 16% VAT to gold would push domestic prices well above the world benchmark.

Mongolia charges a standard 10% VAT on imports, calculated on CIF value plus customs duty and excise tax, with customs duty itself ranging 5-40% by classification. Gold sold to the Bank of Mongolia or licensed commercial banks is exempt from this VAT, but no equivalent exemption for retail jewellery was found in available sources -- the general 10% VAT would apply absent a documented carve-out.

Morocco's standard 20% VAT applies to gold and jewellery imports, calculated on the CIF value plus customs duty, alongside a separate 0.25% Taxe Parafiscale à l'Importation (TPI). No gold- or jewellery-specific reduced rate was found in available sources; Morocco's broader VAT reform (2024-2026) is transitioning most rates toward 0%, 10% or 20% bands, with imports generally falling under the 20% standard rate.

Myanmar levies a commercial tax on gold and jewellery sales proceeds (or landed cost for imports) -- sources describe this as 1% in some references and 3% in more recent ones, a genuine inconsistency in available documentation rather than a settled figure, so confirm the current rate before a transaction. Separately, gemstones carry their own tax under the 2019 Myanmar Gemstone Law, ranging 5-11%, which is distinct from the gold/jewellery commercial tax.

Nepal's 2083/84 budget doubled customs duty on gold imports from 10% to 20%, while maintaining the existing 2% luxury tax on gold ornaments above NPR 10 lakh unchanged from the prior fiscal year. Separately, in the FY 2082/83 budget, a 13% VAT was proposed on diamonds and certain jewellery-related transactions; Nepal's Gem and Jewellery Association, via FNCCI, formally petitioned to remove this VAT, warning it could raise gold-jewellery prices by up to 19%.

Investment gold (99.5%+ fine bars and eligible coins) is VAT-exempt in the Netherlands, with no direct tax on the profit from selling it. Gold jewellery and other processed gold products are taxed at the Netherlands' standard 21% VAT rate. Physical investment gold is treated as an asset under Dutch wealth tax (Box 3) and must be declared in an annual tax return regardless of its VAT-exempt purchase status.

Nigeria's standard VAT rate is 7.5%. No gold- or jewellery-specific VAT exemption or reduced rate was found in available sources, so the general 7.5% rate is assumed to apply to a retail jewellery sale in the absence of a documented carve-out -- confirm current treatment directly with the tax authority before relying on this figure for a large transaction. Imported gold jewellery separately carries ordinary customs duty under Nigeria's ECOWAS-based tariff structure, in addition to VAT.

Oman's standard 5% VAT applies to gold jewellery as a luxury item, while investment-grade gold, platinum and silver (99%+ purity, tradable on global bullion markets) is zero-rated. Gem and jewellery imports separately carry a 0-5% import duty, waived for goods originating from other GCC or GAFTA member states.

Registered jewellers charge 3% sales tax on documented jewellery sales in Pakistan's formal economy; buying from an undocumented dealer may avoid that line item but forfeits the paper trail needed for a later resale or dispute. Profit from selling personal investment gold isn't currently subject to capital gains tax, though holdings still have to be declared in the annual FBR wealth statement. Those observing Zakat also owe 2.5% annually on gold at or above the Nisab threshold of 7.5 tola, roughly 87.5 grams.

Peru's IGV (general sales tax) is 18%, made up of a 16% base rate plus a 2% Municipal Promotion Tax, and does not apply when minerals are sold for export. No jewellery-specific IGV rate or exemption was found in available sources; the general 18% rate would apply to a domestic retail sale absent a documented carve-out.

Gold sold to the Philippine central bank (BSP) in bar or disc form is VAT-exempt under Republic Act 11256, with formal BSP certification required -- jewellery is explicitly excluded from this exemption. General gold sales above roughly ₱1.92 million are subject to 12% VAT (or a 3% percentage tax below that threshold), plus a 2% excise tax and a 1% creditable withholding tax on gold trades (reduced from 5% in 2017).

Investment gold in Poland -- bars at 99.5%+ purity and coins at 90%+ purity that are legal tender minted after 1800 -- is VAT-exempt, including Poland's own tax-free złoty coin series. Jewellery, numismatic coins and collector items are not investment gold regardless of purity and carry standard VAT. Profit from selling gold is taxed at 19% under Poland's capital-gains rules, reportable as investment income.

Qualifying investment gold (900+ fine coins minted after 1800, legal tender, priced within 80% of metal value, plus qualifying bars) is VAT-exempt in Portugal under the EU-wide investment-gold framework. Gold jewellery and non-qualifying gold products fall under Portugal's standard 23% VAT rate -- the highest of the country's three VAT bands (6% reduced, 13% intermediate, 23% standard).

Qatar imposes no VAT on gold purchases or imports as of 2026, applying equally to jewellery and bullion, even though Qatar signed the GCC VAT Framework Agreement in 2018 and is expected to eventually implement VAT at a rate around 5%. Gem and jewellery imports separately carry a 0-5% import duty, waived for GCC/GAFTA-origin goods.

Individual purchases of physical gold bars have been exempt from VAT since March 2022, reversing the 20% rate that applied before -- a policy change intended to encourage rubles moving into gold. Russia's general VAT rate was separately raised to 22% under a 2026 budget measure, but that's the country's broad consumption tax rate, not a reversal of the gold-specific bar exemption, which remains in place.

Jewellery and its making charges are taxed at Saudi Arabia's standard 15% VAT rate, though investment-grade gold of 99% purity or higher can qualify for a 0% VAT rate under specific conditions rather than the standard rate. Zakat is a separate, religious obligation rather than a government tax: 2.5% annually on gold holdings at or above the 85-gram Nisab threshold.

Investment Precious Metals (gold 99.5%+ pure, silver 99.9%+, platinum 99%+, tradable on the international bullion market with a recognised quality mark) have been GST-exempt in Singapore since October 2012. Jewellery, gift items and collectors' coins don't qualify and carry Singapore's standard 9% GST. Beyond GST, there is no capital gains tax, import duty or export tax on bullion in Singapore.

Intact gold Krugerrand coins bought "as such" are zero-rated for VAT under section 11(1)(k) of South Africa's VAT Act, and investment-grade gold at 99.5%+ purity from a licensed dealer is generally VAT-exempt too -- jewellery, by contrast, carries the standard VAT rate. A separate provision, section 11(1)(f), zero-rates gold supplied in bar, ingot or blank-coin form to the South African Reserve Bank, the South African Mint and registered banks; National Treasury's 2026 Budget Review proposed repealing that specific provision, with SARS due to hold stakeholder consultations on the change, so it remains a live policy question rather than a settled rule. The annual capital gains tax exclusion rose to R50,000 from 1 March 2026.

South Korea's standard 10% VAT applies to physical gold bars and jewellery bought through retail channels. Gold traded on the Korea Exchange (KRX) gold market avoids both VAT and capital gains tax as long as it isn't physically withdrawn; once a trader takes physical delivery, the standard 10% VAT applies. Personally-held gold, coins or jewellery sold by an individual is generally not subject to capital gains tax under Korea's Income Tax Act, since gold isn't explicitly listed as a taxable capital asset for individuals.

Investment gold in Spain (bullion at 99.5%+ purity, or coins at 900+ fineness minted after 1800, legal tender, priced within 80% of metal value) is exempt from IVA on both purchase and sale. Jewellery and precious metals that don't meet these criteria -- including silver generally -- are taxed at Spain's standard 21% IVA rate. Profit from selling gold must be declared and is taxed as a capital gain.

Sri Lanka charges 18% VAT on both imported gold and the labour charges for locally manufactured jewellery, in place since January 2024, plus a further 2.5% Social Security Contribution Levy (SSCL). IMF-linked fiscal constraints have made it difficult for Sri Lanka's government to ease these rates despite sustained industry pressure; as of mid-2026, authorities were instead exploring a domestic gold refinery as an alternative way to support the sector without cutting tax revenue.

No documented consumer VAT or sales-tax regime specific to retail gold purchases in Sudan was found in the sources behind this page, so none is stated here rather than guessed. Sudan's gold economy is better understood through its production side -- roughly 80% artisanal-mined -- than through a retail tax structure the way most other markets on this site are.

Investment gold (bars over 1 gram at 99.5%+ purity, and approved coins) is VAT-exempt in Sweden under the EU-wide investment-gold rules in place since 2000. Investment silver, by contrast, carries Sweden's full 25% VAT with no equivalent exemption. Tax on gold applies only when it is sold at a profit; regular or business-like resale of jewellery may follow different rules from an occasional private sale.

Switzerland's standard VAT rate of 8.1% applies in full to gold jewellery and other non-investment gold products. Qualifying investment gold -- 995-fine-or-better bars/wafers with a certified assayer-smelter hallmark, and equivalent coins -- is exempt from VAT under Article 107 of the VAT Act. Unusually among major markets, Switzerland does not tax private individuals on profit from selling gold, though gold holdings must still be declared on an annual tax return and may attract a cantonal wealth tax depending on where the holder resides.

Gold bars, ingots, sheets, coins and pure gold jewellery are exempt from business tax in Taiwan, documented via a separate tax-exempt uniform invoice. Labour or processing fees charged alongside a gold sale are treated as a taxable service and require their own taxable invoice -- a distinction Taiwan's Ministry of Finance clarified in detail in late 2025.

VAT is zero-rated on domestic gold supplies in Tanzania, with the 2026 budget formally codifying VAT exemptions already granted to mining companies under cabinet-approved Framework Agreements. Authorised mineral dealers pay a royalty on gross mineral value: 6% for gemstones, diamonds and metallic minerals (which includes gold), separate from any VAT treatment.

Gold bullion carries no import duty, export duty, or VAT in Thailand. Imported gold jewellery, by contrast, is subject to a 7% VAT on its declared value, intended to support the domestic jewellery-manufacturing sector; gold shops commonly absorb this into the shelf price rather than showing it as a separate line item. This tax treatment applies specifically to imported jewellery -- domestically produced Thai jewellery is priced under the country's ordinary retail tax framework.

Turkey's VAT (20% standard rate) doesn't apply to a jewellery sale in full -- jewellers calculate the pure gold content using the same milyem fineness system already used for gram-gold pricing, and only the portion of the price above that bullion value is taxed. Standard investment bullion itself carries no VAT at all, since there's no non-bullion margin left to tax.

Refined gold exported from Uganda is VAT zero-rated as of 2026, alongside a separate export duty of 3% on FOB value and a new flat $200-per-kilogram export levy introduced to formalise and regulate gold exports. General imports into Uganda carry a 6% withholding tax on CIF value; no gold- or jewellery-specific import VAT rate distinct from Uganda's standard 18% (which applies to services) was confirmed for retail jewellery in available sources.

Ukraine's standard VAT rate is 20%, and it applies to the wide majority of transactions including jewellery -- there's no broad gold-specific exemption the way some markets carve out for investment-grade bullion.

Investment-grade gold -- bars and coins at 99% purity or higher -- is zero-rated for VAT in the UAE, while standard jewellery purities (22K, 21K, 18K) carry the normal 5% VAT rate. Tourists can reclaim that VAT on jewellery bought in the UAE by processing the refund at the airport before departure, a route that doesn't apply to investment-grade purchases since no VAT was charged on those in the first place.

Sovereigns and Britannias carry a tax advantage most bullion doesn't: because both are legal tender, HMRC treats any gain on them as fully exempt from Capital Gains Tax, with no cap on the size of the gain. Gold bars and non-UK coins such as Krugerrands don't get that exemption -- they're ordinary chargeable assets, and gains above the £3,000 annual CGT allowance are taxed at 18% or 24% depending on the seller's income tax band. VAT is a separate question entirely, and doesn't apply to investment-grade gold in the first place.

Federally, the IRS treats physical gold as a collectible rather than an ordinary investment, and that classification carries a real cost at sale: long-term gains on gold are taxed at up to 28%, well above the 15-20% top rate that applies to most stocks and funds held the same length of time. That federal tax comes on top of whatever state sales tax was already paid at the original purchase, not instead of it.

Uzbekistan abolished its VAT exemption on jewellery and semi-finished precious-metal products effective January 1, 2026, bringing all jewellery businesses into the standard 12% VAT system regardless of income level. Until January 1, 2028, jewellery manufacturers calculate VAT on the net difference between sale price and the value of precious metals/stones contained, with an automatic 80% monthly VAT reclaim available during the transition. Imports of precious stones for jewellery-making remain VAT-free until January 1, 2027.

No reliable, gold- or jewellery-specific VAT or customs figure for Venezuela could be confirmed in available sources. Venezuela's general customs duty ranges 5-35% on CIF value, and Decreto N° 5.197 (Gaceta Oficial N° 6.952 Extraordinario, December 31, 2025 — replacing the prior Decreto N° 5.146) exempts many imports from VAT and duties through December 31, 2026 — but whether this extends to gold or jewellery specifically was not documented, so this is stated as a genuine gap rather than a guess.

Gold jewellery purchases in Vietnam carry a standard 10% VAT. ASEAN-sourced jewellery imports are duty-free but still subject to that 10% VAT; non-ASEAN imports face an additional 30% import duty. A separate 0.1% personal income tax on gold bullion transfers was enacted under Law No. 109/2025/QH15, nominally effective July 1, 2026, but collection has not begun because the government had not yet issued the implementing decree needed to enforce it as of that date.

Zambia's standard VAT rate is 16%, applying to imported goods on entry. A separate 15% export duty on precious stones and metals was reinstated on January 1, 2025 after a multi-year suspension, then suspended again on February 21, 2025 (retroactive to January 1, 2025) to protect Zambia's competitiveness for mining investment — it applies at the mining/export level, not at retail, and remains suspended as of this writing. Mining companies also pay a 6% mineral royalty tax on gemstones and precious metals as part of the broader sectoral tax framework.