Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (46213)	12/23/1999 5:21:00 AM
From: Alex	Respond to of 116790

Streamlined tax structure to affect 5,000 gold traders The Revenue Department is preparing to revamp the tax structure for the country's 5,000-plus gold shops to give a more accurate assessment of tax liabilities owed by businesses. Department officials said the new system would streamline the tax system based on international standards. The department is expected to announce an elimination of the value-added tax collected on gold imports with more than 96.5% purity. The waiver is not expected to result in any lost revenues since, in practice, sellers are eligible to claim VAT refunds on gold imports. Authorities will also waive VAT liability for pure gold in calculating taxes for gold ornaments. Under international practice, pure gold is considered a currency, and thus not liable for tax. Currently, a 10,000-baht gold ornament would be charged 7% value-added tax. The new system would deduct costs for the pure gold content. For instance, if a 10,000-baht ornament had pure gold costs of 8,000 baht for the seller, taxes would be calculated based on the 2,000-baht difference. While the Revenue Department says VAT paid by gold sellers will drop, corporate taxes should increase. bangkokpost.com