Why then is it that when a bank, SARB or SA Mint acquires gold in South Africa from a mine the purchase qualifies to be zero-rated (taxed at a VAT rate of 0%) but when these same purchasers acquire gold from anyone else, such as another local bank or a second-hand gold refinery, the price is 15% higher as a result of VAT? Based on a recent judgment the answer, it would appear, depends on where the gold originates from.
Source: mondaq.com
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