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Engineer Hani Milad, director general of the Gold and Jewellery Department of the Federation of Chambers of Commerce, said that the proposal for gold tax exemption is under study and it is expected that the gold price will fall sharply with the implementation of the decision.
Gold tax exemption decision
Milad confirmed in an exclusive statement to Al-Watan that the gold sector is considering reinstating the exemption Yellow Metal After significant fluctuations in global market prices, Customs issued another notice as a form of hedging and supporting the stability of gold prices in the local market. When it will be approved will be announced early next week.
Customs duty-free period for imported gold
The gold department chief continued: “We submitted a proposal for an exemption to the Minister of Supply and Internal Trade. Goldfrom Customs, in most cases the decision will be extended to 6 months, renewable, for the same period as the one that activated it last year.
He said the “nothing to do with gold” initiative, which exempts customs duties on cultural relics brought back from abroad, aims to achieve a balance between supply and demand in the local market.
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