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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.
| 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