07 Dec 2023  Sergio Martin Rubio  9 mins read.


Unveiling the Taxation of Precious Metals

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Sales tax or VAT (Value-added tax) is sometimes applied to precious metals when purchasing from a registered dealer, such as APMEX or StoneX Bullion. Depending on the country, the type of metal, or the fineness of the metal, a different tax percentage might be applied to the markup price (spot price + premium). 📊✨💰

United States

🇺🇸 In the case of the US, sales tax varies in each state. The following figures represent the state-wide rate and reflect the minimum you can expect to pay as of today, December 7th, 2023. Therefore, they do not include any county-specific tax rates.

State Rate Form Factor Max Transaction* Min Purity**
Alabama 0%      
Alaska 0%      
Arizona 0%      
Arkansas 0%      
California 7.5% All* 2000 All
Colorado 2.9% Collectibles
Legal Tender
  All
Connecticut 6% All* 1000 All
Delaware 0%      
Florida 6% Bullion*
Collectibles*
500 All
Georgia 0%      
Hawaii 4% All   All
Idaho 0%      
Illinois 6.25% Bullion**
Collectibles
  0.980
Indiana 7% Bullion**
Collectibles
  AU: 0.995
AG: 0.999
PT: 0.9995
Iowa 0%      
Kansas 0%      
Kentucky 6% All All All
Louisiana 0%      
Maine 5% All   All
Maryland 6% All* 1000 All
Massachusetts 6.25% All* 1000 All
Michigan 6% Bullion**
Collectibles
  0.900
Minnesota 6.88% Collectibles   All
Mississippi 0%      
Missouri 4.23% Bullion**
Collectibles
  0.900
Montana 0%      
Nebraska 0%      
Nevada 6.85% Collectibles   All
New Hampshire 0%      
New Jersey 7% All   All
New Mexico 5.13% All   All
New York 4% All* 1000 All
North Carolina 4.75% Collectibles   All
North Dakota 5% Bullion**
Collectibles
  0.999
Ohio 5.75% Bullion**
Collectibles
Legal Tender
  AU: 0.995
AG: 0.999
PT: 0.9995
PD: 99995
Oklahoma 0%      
Oregon 0%      
Pennsylvania 6% Collectibles   All
Rhode Island 7% Collectibles   All
South Carolina 6% Collectibles   All
South Dakota 4.5%     0.999
Tennessee 0%      
Texas 0%      
Utah 4.75%     0.500
Vermont 6% All   All
Virginia 5.3% Bullion
Excl. PD
  All
Washington 7.5% Collectibles   All
West Virginia 6% Collectibles   All
Wisconsin 5% All   All
Wyoming 0%      

Alabama

No additional sales tax information available for Alabama.

Alaska

No additional sales tax information available for Alaska.

Arizona

No additional sales tax

information available for Arizona.

Arkansas

No sales tax on bullion since May 3 2021 (SB336). Gold and silver were approved as legal tender (HB1718) on 2023/03/30.

California

Click here for Tax Information Bulletin, Publication 388, December 2022.

Colorado

Sales tax only on collectibles or numismatic Section 39-26-706(4), C.R.S..

Connecticut

No additional sales tax information available for Connecticut.

Delaware

No additional sales tax information available for Delaware.

Florida

US bullion; numismatic coins or currency that are legal tender are exempt §212.05(1).

Georgia

No additional sales tax information available for Georgia.

Hawaii

Hawaii does not have a sales tax but rather a GET or a General Excise Tax that is applied to the business which is often added to the purchase price.

Idaho

No additional sales tax information available for Idaho.

Illinois

No sales tax on US or foreign legal tender or high purity bullion 86 Chap 1 Ill Adm Code §130.120(aa).

Indiana

No tax on legal tender and high-purity bullion IC 6-2.5-5-47.

Iowa

No additional sales tax information available for Iowa.

Kansas

No additional sales tax information available for Kansas.

Kentucky

No additional sales tax information available for Kentucky.

Louisiana

No additional sales tax information available for Louisiana.

Maine

No additional sales tax information available for Maine.

Maryland

No additional sales tax information available for Maryland.

Massachusetts

No additional sales tax information available for Massachusetts.

Michigan

No sales tax on high-purity bullion and legal tender with a market value greater than the face value of the coin Act 173 of 2004 §4s.

Minnesota

Bullion and legal tender are exempt since June 20, 2021 Analysis of H.F 2481 (Olson) / S.F. 2419 (Rosen).

Mississippi

Coins, currency and bullion are excempt since July 1, 2023 Senate Bill 2862.

Missouri

No sales tax on high-purity bullion and legal tender with market value greater than the face value of the coin STATUTE 144.815.

Montana

No additional sales tax information available for Montana.

Nebraska

No additional sales tax information available for Nebraska.

Nevada

Bullion is not taxable when is used as a medium of exchange. Non bullion legal tender coins are taxable if the price exceeds the face value of the coin by 50%.

New Hampshire

No additional sales tax information available for New Hampshire.

New Jersey

No additional sales tax information available for New Jersey.

New Mexico

New Mexico does not have a sales tax instead it has a “gross receipts tax” that is usually passed onto the consumer by adding it to the selling price.

New York

Click here for Tax Law, § 1115(a)(27).

North Carolina

No sales tax on numismatic coins or legal tender coins when market value is greater than their nominal value. No sales tax on bullion sold for investment and according to their metal content § 105-164.13(69).

North Dakota

No sales tax on high-purity bullion and legal tender NDCC 57-39.2-04(31).

Ohio

High purity bullion is exempt since July 1 2021.

Oklahoma

No additional sales tax information available for Oklahoma.

Oregon

No additional sales tax information available for Oregon.

Pennsylvania

Bullion sold according to its metal content is exempt. Numismatic coins or legal tender with a market value greater than their face value is exempt 1971 Act 2 Part III §204(65).

Rhode Island

Tax applies only to metal bullion for industrial professional or artistic uses RIGL 44-18-30(24) and (43).

South Carolina

Bullion valued by its metal content and legal tender coins are exempt SC Code Section 12-36-2120 (70).

South Dakota

High purity bullion and legal tender coins are exempt 57-39.2-04(31).

Tennessee

No additional sales tax information available for Tennessee.

Texas

No additional sales tax information available for Texas.

Utah

Click here for more information.

Vermont

No additional sales tax information available for Vermont.

Virginia

All metals except for palladium are exempt House Bill 936 amends §58.1-609.1 of the Code of Virginia.

Washington

Tax only applies to collectibles WAC 458-20-248.

West Virginia

Tax only applies to collectibles §11-15-9r.

Wisconsin

No additional sales tax information available for Wisconsin.

Wyoming

No additional sales tax information available for Wyoming. |

Europe

🇪🇺 In the European Union, instead of sales tax, it is named VAT (Value-added tax). Countries in the European Union always apply VAT to silver, which can range from 19% to 25%. However, there are countries in Europe, like Switzerland, where the VAT on silver is 7.7%, and in Norway, coins are VAT exempt. Norway is also part of the EEA, making it easier to move goods to the European Union. However, delivering silver to your country within the EU could still be subject to tax upon receiving it. In the UK, which is not part of the European Union anymore, the VAT is 20% on silver.

Fortunately, in the European Union and the UK or Switzerland, investment-grade gold bullion is exempt from VAT as it is considered an investment asset.

Australia

As of January 2022, in 🇦🇺 Australia, investment-grade gold and silver bullion, meeting specific purity requirements, are exempt from Goods and Services Tax (GST), as outlined in the Goods and Services Tax Ruling GSTR 2003/10. Precious metals meeting the following purity criteria are considered exempt:

  • gold (in an investment form) of at least 99.5% fineness
  • silver (in an investment form) of at least 99.9% fineness
  • platinum (in an investment form) of at least 99% fineness

Canada

In 🇨🇦 Canada, most 💰 precious 💎 metals are exempt from GST (Goods and Services Tax), HST (Harmonized Sales Tax), and PST (Provincial Sales Tax) when they are in the form of a bar, ingot, coin, or wafer and possess a purity level of 0.995 for Gold and Platinum, and 0.999 for silver, as outlined in GST/HST memorandum 17.1. Any other gold, silver, or platinum not meeting these criteria is taxable at either 7% or 15%. 📜🔍📊

Effortless Sales Tax and VAT Tracking with the Precious Metals Manager iOS App

You can use the Precious Metals Manager app on iOS to track your bullion, set sales tax and VAT, and see how much you’re spending on taxes over time.

Taxation

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