I may be wrong but aren't China's retail silver and gold prices VAT inclusive on the exchange and tiered by buyer designation? Gold is... according to an article I read. So technically...gold and silver are still being sold at a discount before taxes. Chinese citizens are only paying more due to the VAT. This compared to Europe where VAT is charged on the entire price including spot...not sure if premiums are taxed in Europe.
I've read that when gold is imported to China it is exempt from the VAT on the Shanghai exchange. I have the same impression as you that when someone is buying off the exchange the VAT is included.
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Thanks for the update James Anderson
Nice job Degen
I may be wrong but aren't China's retail silver and gold prices VAT inclusive on the exchange and tiered by buyer designation?
Gold is... according to an article I read. So technically...gold and silver are still being sold at a discount before taxes. Chinese citizens are only paying more due to the VAT. This compared to Europe where VAT is charged on the entire price including spot...not sure if premiums are taxed in Europe.
I've read that when gold is imported to China it is exempt from the VAT on the Shanghai exchange. I have the same impression as you that when someone is buying off the exchange the VAT is included.