There is no one all-encompassing sales tax in the United States. The 50 individual states have their own tax laws and their own sales tax rates. These can differ immensely from state to state. In some states there is no such thing as a sales tax on precious metals, whereas in others you will pay close to an extra 10% on every purchase that you make. 

It is therefore very important to understand the different laws and rates in your state. The same applies to individual counties, because even in a single state, there is very rarely just one rate that applies everywhere. Tax laws are the same state-wide, but the rates are not, and just by traveling out of the county you might be able to reduce the amount that you pay on precious metal purchases.

 

Taxation of Gold and Silver in Different Countries

 
RESIDENCE COUNTRY GOLD SILVER NOTE
PURCHASE SALE

PURCHASE 

*GoldBroker.com stores silver in a free zone > VAT exemption

SALE
FRANCE 0

11.5% Tax on Precious Metals

VAT 20%

11.5% Tax on Precious Metals

Capital gains tax: 5% deduction per year starting from the 3rd year of ownership. However, to benefit from this, you must be able to provide proof of the price and date of acquisition. After 22 years of ownership, there is a total exemption from tax.
36.2% Capital Gains Tax 36.2% Capital Gains Tax
BELGIUM 0 0 VAT 21% 0  
SWITZERLAND 0 0 VAT 7.7% 0 Precious metals are included
in the declaration of ISF (Wealth tax)
ITALY 0

Companies > 6% Capital Gains Tax

Private Investors > 12.5% Capital Gains Tax

VAT 21%

Companies > 6% Capital Gains Tax

Private Investors > 12.5% Capital Gains Tax

 
UNITED KINGDOM 0 18% Capital Gains Tax
 
VAT 20% 18% Capital Gains Tax
 
CGT applies only
to bars and coins with no legal tender
IRELAND 0 25% Capital Gains Tax VAT 21% 25% Capital Gains Tax  
SPAIN 0 20% Capital Gains Tax VAT 16%   The rate may slightly vary
from one region to another
GERMANY 0 0

VAT 19%

 

0  
CANADA 0 Capital Gains Tax:
50% exemption in the first year of ownership. The remaining 50% must be included in the income tax return
0 Capital Gains Tax:
50% exemption in the first year of ownership. The remaining 50% must be included in the income tax return
More info on the Canada Revenue Agency website
UNITED STATES 0 28% Capital Gains Tax  0 28% Capital Gains Tax 

Gold and silver are considered "collectibles" > More info

 

Last updated on 02/02/2022

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