Overview of Gold Tax Rules in Key Countries

Gold buying and selling rules vary widely across countries, impacting the cost and taxation of gold investments.

In countries like France, Belgium, Switzerland, Italy, the UK, Ireland, Spain, Germany, Canada, and the United States, companies buying gold from private individuals pay 0% tax on purchases.

This is based on a comparative overview published by buyinggold.ch. However, when it comes to selling gold, tax rates differ significantly:

• France applies an 11.5% tax plus a 36.2% capital gains tax on gold sales. A deduction of 5% per year from the third year of ownership applies, with full exemption after 22 years. Sellers must prove acquisition price and date.
• Belgium, Germany, and Switzerland impose 0% tax on gold sales.
• Italy taxes private investors on gold sales at 12.5%, and companies at 6%.
• The UK charges 18% capital gains tax only on bullion or coins that are not legal tender.
• Ireland applies a 25% capital gains tax on gold sales.
• Spain has a 20% capital gains tax, though rates may vary regionally.
• Canada allows a 50% deduction on capital gains tax in the first year of ownership, with the rest declared on income tax returns.
• The United States charges a 28% capital gains tax on gold sales, classifying gold as a collectible asset.

Which Country Has the Lowest Gold Taxes?

Based on the data:

• Belgium, Germany, and Switzerland offer no tax on both buying and selling gold, making gold relatively cheapest in tax terms.
• Countries like France and Ireland have high taxes on gold sales.
• The US imposes significant capital gains tax, but no tax on purchases.
• Italy and Spain fall in between, with moderate capital gains tax rates.

Indonesia’s New Gold Tax Policy: Simplifying and Reducing Burden

Reporting from Kompas.com, starting August 1, 2025, Indonesia enforces new regulations via Minister of Finance Regulations PMK 51/2025 and PMK 52/2025.

The key points:

• Bullion banks pay 0.25% Income Tax (PPh) Article 22 on gold purchases.
• End consumers are exempt from this tax.
• Transactions below Rp10 million are tax-exempt.
• The previous Surat Keterangan Bebas (SKB) scheme for gold imports is removed, aligning import tax with domestic rates.
• Sales of gold jewelry or bars to end consumers, UMKM taxpayers with final tax, and those with SKB PPh 22 are exempt.

According to Director General of Taxation Bimo Wijayanto, this policy reduces overlapping tax collections and lowers financial burdens on institutions by cutting the rate from 1.5% to 0.25%.

Hestu Yoga Saksama, Director of Tax Regulation I, explained:

“If it’s an end consumer, no tax is collected. Antam sells to end consumers—housewives or others. But tax is collected from traders or manufacturers.”

The regulations were signed by Finance Minister Sri Mulyani Indrawati on July 25, 2025, enacted July 28, and effective August 1, 2025.

PHOTO: UNSPLASH

This article was created with AI assistance.