Gold and Jewellery shops not to collect tax on purchase without directive

April 4, 2017

Gold and jewellery shops which have still not received directives to impose taxes on gold purchases starting from 1st April will not collect the tax, according to the gold and jewellery shops.

“We heard the news of the tax levied on gold purchases but we have not still received direct guidance. The stamp duty is reportedly prepared for this. We will start to collect the tax when its stamp duty is available”, said U Zaw Aung, the owner of Tate Sein gold and jewellery shop owner.

“We are not able to collect if there is no official issue to us”, said the gold and jewellery shop owners.

“The township’s Internal Revenue Department should issue a directive about taxation on gold purchases. We cannot make anything about this without an official announcement. We will not collect taxes yet”, said U Maw Maw, the general manager of Aung Thamadi gold shop.

According to the 2017 Tax Law, a one per cent tax will be levied on gold buyers, whereas the purchasers of platinum and highly purified gold foil have to pay five per cent, it is learnt.

The Myanmar pure gold price hit a high of about Ks 906,000 per tical in March and the price in early April was about Ks899,000.

Ref; The Global New Light of Myanmar