- The jewelry sector has specific VAT application features.
- VAT is not directly calculated on the delivery price; exceptions are considered first.
- Exemptions include bullion gold, silver, currency, valuable papers, stocks, bonds, and certain market instruments.
- The VAT rate for the jewelry sector is generally 20 percent.
- The President can adjust VAT rates between 1 percent and 20 percent.
- For gold and silver items, VAT is calculated after deducting the bullion value.
- Milyem is used to express gold purity; common purities are 14 and 22 karats.
- Milyem calculation involves dividing the karat by 24.
- The bullion value is subtracted from the sale price to determine the VAT base.
- VAT is then calculated at 20 percent on this base.
Source: alomaliye.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
