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Thread: Are you paying a sales tax on silver?

  1. #11
    Join Date
    May 2007
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    Atlanta
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    Quote Originally Posted by argentos View Post
    Yes, dammit. I'm British and pay 17½% Value Added Tax. That's why I haven't got much silver.
    So what happens when you sell your silver back to a dealer in Great Britain, do they tax you again? What about person to person sales, there must be a big market for tax free (black market) sales.

  2. #12
    Join Date
    Jun 2008
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    Quote Originally Posted by valerb@bellsouth.net View Post
    So what happens when you sell your silver back to a dealer in Great Britain, do they tax you again? What about person to person sales, there must be a big market for tax free (black market) sales.

    There is no VAT chargeable on selling silver, or any other VATable item, to anyone by anyone unless the vendor is liable to VAT-registration as below.

    You MUST register for VAT when the value of your taxable supplies exceeds the registration threshold.

    If the value of your taxable supplies in the past 12 months or less has exceeded the current VAT registration threshold of £67,000, or the value of your taxable supplies in the next 30 days alone is expected to exceed this threshold, you should read the publication below ......

    http://customs.hmrc.gov.uk/channelsP...yType=document

    So far as private sales by tax-exempt individuals are concerned, although no tax is payable the total price paid is usually the same as if it were chargeable. That is because the vendor has almost always paid the VAT when they purchased the metal. The "going rate" includes tax.

    So EbayUK prices for particular units of silver are similar regardless of whether or not the vendor is VAT-registered.

    So far as I am aware there is little black market in silver. Smuggling tobacco products is big here.

  3. #13
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    Jan 2009
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    central ohio
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    Quote Originally Posted by fredrock View Post
    Hello all,

    I am wondering about the tax rates if any you are paying for PM's. Here in central Ohio we have a 6.75% sales tax added to PM purchases. 5.5% State + 1.25% County

    Are there any states with zero sales tax on PM's close to Ohio?

    Fred

    im in central ohio also just a little east of columbus. anyway where are you buying youre PM at?
    if a woman is walking through the woods by herself ,does she STILL think her ass is too big?

  4. #14
    Join Date
    Dec 2008
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    Democrat Party Toilet City
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    Never heard of paying taxes on gold or silver in Illinois or Missouri when I bought from a dealer. The dealers I've gone to just quote me on a price and if I agree I simply pay in cash... thats that! Unless there is a tax built in that I've not been told of, I'm not aware of having paid any taxes on any of my PM purchases.

  5. #15
    sunsetcliff Guest

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    some ebay- charges sales to in my state. 6%, more in Philly/Pitt.

    I have purposely not made purchases in local stores or where there is the sales tax.

    often the tax is the amount of shipping...or close to it.

    I dont have a local coin shop= but im pretty sure it would be 6%. only food and clothing is no tax here.

  6. #16
    Join Date
    Nov 2008
    Location
    Canada
    Posts
    23

    Default Sales Tax In Canada

    First post.

    If you buy your silver from the Royal Canadian Mint in Winnipeg, Manitoba they charge you 7% Provincial Sales tax. Price of a silver maple today was $40 CDN. It does come in a pretty box though. There is also a full size gold bar there you can pick up (feels like 40 pounds)/fondle/drool over.

    If you buy through a coin shop there is no tax on bullion. Maples are about 22-24 CDN$. No box/cover though. (more for olympic/Tbird) Sorry but I don't have today's exact price (should still be close though).

    Works out to a darn expensive jewellry box.

    Also of note the mint had NO gold maples of any size (only one ounce bars) as they are waiting for the 2009's. The coin shop I go to says it is harder and harder for him to get silver and gold. Waiting 6 weeks for his next mint delivery.

    Hope this helps.

    Z

  7. #17
    Join Date
    Jul 2008
    Location
    Ohio
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    Quote Originally Posted by 50kta View Post
    im in central ohio also just a little east of columbus. anyway where are you buying youre PM at?
    Online at Tulving, Apmex, Bullion Direct, and some on EBay. Locally there is a dealer out on E. Livingston Ave., who BTW, is a Ron Paul guy that I have bought from. He is a real nice guy and I would buy from him a lot more but I hate paying taxes.

    Fred
    "Does the government fear us? Or do we fear the government? When the people fear the government, tyranny has found victory. The federal government is our servant, not our master!" - Thomas Jefferson

  8. #18
    Join Date
    Oct 2008
    Location
    FL
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    I found this on line:

    State Rule
    California Tax on all bullion purchases under $1,000 (CA gold not taxed)
    Florida Tax on all bullion purchases under $500
    Mass Tax on all bullion purchases under $1,000
    New York Tax on all bullion purchases under $1,000
    Texas Tax on all bullion purchases under $1,000
    "The future isn't what it used to be" Yogi Berra

  9. #19
    Join Date
    Jan 2009
    Location
    Cow Town
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    117

    Default Sales Tax

    As far as I know there is no sales tax in Alberta, as long as the metals are 999 pure. I am not familiar with the states and pm taxing.

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