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Gold Purchase Tax: Stamps Worth 5,000 Kyats And10,000 Kyats Will Be Required On Gold Purchases

15 May 2017

According to the Internal Revenue Department, stamps worth 5,000 Kyats and10,000 Kyats will be required on gold purchases at domestic gold and jewellery shops as of 1st June. According to 2017 Tax Law, one percent of tax will be levied on gold buyers and five per cent of tax on purchasers of platinum and highly purified gold foil.  Although a levy on gold purchases has been imposed since 1st April, there was no stamp duty available at the gold and jewellery shops. The stamp is soon to be issued and the gold shops are asked to collect the tax and record it in a list before the stamp is issued. Some shops have started to collect the tax before the stamp comes out while other owners have not yet started to collect the tax.