Gov’t, Jewellers Agree to Incorporate 16% Gold Tax in Stamp Fees

Stamp Fees to Drive Gold Prices Up for Imported and Domestic Gold

تم نشره في Mon 19 March / Mar 2018. 01:00 AM
  • Jeweller shops closed down during the strike to protest government gold taxation decision - (Sources)

AMMAN —AlGhad— The jewellers association and the Standards and Metrology Department, agreed to include the newly imposed 16 per cent sales tax on gold in the overall stamp fees, in addition to a JOD250 inspection fee per kilogramme for imported gold bullions, multiple official and private sector sources have confirmed.

The Chairman of the Jewellers Association, Osama Emseeh, reaffirmed to AlGhad as well, that the tax was not entirely retracted, but incorporated in the stamp fees.

Jewellers went on full-fledged strike the entire day on Monday, to protest the government’s earlier decision to up stamp fees and add a 16 per cent sales tax.

Now, the government will excise a JOD1,700 stamp fee per kilogramme on imported gold and JOD750 per kilogramme on domestic gold, to protect domestic produce, inclusive of the tax, according to the Director of the Metrology Department, Dr Haidar Zaben.

These amounts do not include inspection fees for imported bullions, an administrative member of the association also confirmed.

Overall, gold prices will increase by JOD1.75 and JOD0.75 after stamp fees and excisions, respectively, per gram of imported and domestic gold.