Engineer Hani Milad Gayed, head of the General Division for Gold and Gold Works at the General Federation of Chambers of Commerce, confirmed that the increase in the value of the value-added tax on workmanship, which the division announced the start of its application a few days ago, based on the assignments of the Tax Authority, will not affect the prices of goldsmiths in the markets and will not be felt by the final consumer. , indicating that the increase in the value of the mentioned tax will be applied to the value of workmanship only and not the entire value of the piece of jewelry, and the tax value for the product is included in the production costs.
Jaid explained that this increase was agreed upon between the division of the General Federation of Chambers of Commerce and the Tax Authority to achieve tax discipline in a manner that achieves the interest of producers and traders of goldsmiths in the presence of a specific mechanism for tax accounting and also guarantees the rights of taxes and the state treasury in the collection of tax returns commensurate with the movement of markets and change the prices .
Regarding the value of the tax after the prescribed annual increase, Milad said that Tax Authority Book No. 1 issued on June 19, 2022
It was stated that according to what was previously agreed upon between the Authority and representatives of the Division of Traders and Makers of Gold, Silver and Platinum Artifacts, provided that the average operating values (workmanship) increase by 10% annually for local crafts, starting from 1/7/2022 until 30/ 6/2023
Pointing out that the tax is collected upon stamping to cover the manufacturing stage and the rest of the trading stages. The tax letter also included that the value of the tax will be applied according to the following table:
First gold:
gram of caliber 23.5 : VAT 9.24 EGP
gram of caliber 21: VAT 6.16 EGP
gram of caliber 18 : Added value 9.24 pounds
Second, the silverware:
gram of caliber 925 : 1.54 le
gram of caliber 900 : 1.39 le
gram of caliber 800 : 1.23 le
Third, platinum:
Twice the average workmanship value of 18 karat: The value of the tax is 18.48
Fourth, precious stones and diamonds:
Twice the average workmanship value of 18 karat: The value of the tax is 18.48
