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The Tax Authority issued its instructions in Book No. 1 dated 6/19/2022 to start applying the value-added tax on gold, silver and platinum craftsmanship with the new workmanship tariff after increasing it by 10% according to what was agreed upon with the representatives of the gold and silver merchants and makers divisions The text of the letter from the IRS came as follows:
According to what was previously agreed upon between the Authority and representatives of the Division of Traders and Makers of Gold, Silver and Platinum Artifacts, the average operating values (workmanship) should be increased by 10% annually for local crafts from 1/7/2022 until 30/6/ 2023, in which the tax is collected upon stamping to cover the manufacturing stage and the rest of the trading stages, which are shown in the following table
First the gold works:
Gram 23.5 VAT : 9.24 EGP
21 caliber: Tax on gram 6.16 pounds
18 caliber: The tax on a gram is 9.24 pounds
Second, silver works:
925 caliber: Tax on gram 1.54
Third, the platinum works:
The workmanship of a gram of platinum artifacts is estimated at twice the average value of the workmanship of 18 karat: The VAT is 18.48
Fourth, gem and diamond artifacts:
The workmanship of a gram of platinum artifacts is estimated at twice the average value of the workmanship of 18 karat: The VAT is 18.48
And about gold prices today
The General Division of Gold of the Federation of Chambers of Commerce, headed by Eng. Hani Milad, announced that the local and international markets witnessed a noticeable decline in prices, and the prices reached, according to the division’s statement, as follows:
Ounces: 1810 $
21 caliber: 993
caliber 24 : 1135
caliber 18 : 851
caliber 14 : 664
Gold pound without workmanship , stamp or tax : 7944
