You Will Now Need to Pay 14% VAT Upon Purchasing 100-Gram Gold Bars
Gold processing fees have been raised by 10%, with a 14% vat to be applied on 100-gram 24-karat gold bars starting July.
The Gold Division at the Cairo Chamber of Commerce announced a 10% increase in gold processing fees for gold jewellery, effective from July 1st.
The new decision will also subject 100-gram 24-karat gold bars to a 14% value-added tax (VAT) as they will be considered jewellery. However, gold bars weighing more than 100 grams will be exempted from VAT as they will be considered bars.
According to the Gold Division, the new increase in processing fees will not exceed EGP 2 for all gold karats.
The move comes after the government applied a new initiative in May exempting gold brought home by Egyptian travellers from customs duties in order to regulate gold prices.
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