Investing in gold is a proven way to diversify your portfolio and protect your capital against inflation. This means that interest in gold coins and investment bars comes not only from private investors, but also from companies! Entrepreneurs are increasingly deciding to purchase precious metals as part of their business activities, which is profitable for them for tax reasons, among others. So what aspects should be taken into account when purchasing gold for a company?
Purchasing gold for a company
When deciding to purchase gold as part of your business activities, there are a few key issues to keep in mind. First, it is important to purchase the metal from trusted and reputable suppliers, such as mints affiliated with the LBMA or specialized investment companies. It is also worth considering what form of gold to choose – bullion coins or investment bars. Coins are often recommended for novice investors because they allow for the purchase of smaller amounts of bullion, while bars may be more cost-effective for larger investments.
Purchasing gold and tax-deductible costs
Entrepreneurs can include expenses related to the purchase of gold in their tax-deductible costs, provided that the precious metal was purchased for investment purposes or as collateral for the company's capital. It is important to document the transaction accurately by keeping invoices or receipts. However, it should be remembered that the costs of storing gold (e.g., renting a safe deposit box) are not tax-deductible.
Good to know! Taxpayers also have the right to contribute private assets, including investment gold, to company assets for business purposes. In such a situation, they may sell the precious metal in its unchanged form, i.e., as investment gold, with VAT exemption.
Tax on the sale of gold
The sale of gold by a company is subject to income tax. Income from the sale of precious metals must be reported in the tax return and taxed at the rate applicable to the business activity in question. Importantly, individuals who do not conduct business activity are exempt from tax on the sale of investment gold, while entrepreneurs cannot benefit from this exemption.
Purchasing gold and PCC tax
The purchase of gold by a company is not subject to civil law transaction tax (PCC). The obligation to pay PCC arises only in the case of contracts for the sale or exchange of goods, and investment gold is not treated as goods within the meaning of the PCC regulations. This allows entrepreneurs to save on the costs associated with the purchase of precious metals.
Remember! Investing in gold can therefore be an attractive option for companies looking for a safe haven for their capital. However, before making a decision, it is worth familiarizing yourself with the tax aspects and rules for accounting for the purchase of precious metals as part of your business activities. If in doubt, it is best to consult a tax advisor or a specialist in precious metal investments.
Do you have to pay VAT when buying investment gold?
Investing in gold is a popular way to diversify your portfolio and protect your capital. One of the key questions potential investors ask themselves is the issue of taxation on precious metals, specifically: Do you have to pay VAT when buying investment gold?
In Poland, pursuant to Article 122(1)(1) of the Goods and Services Tax (VAT) Act, the supply of investment gold is exempt from VAT. This exemption covers both gold bullion coins and investment bars that meet certain criteria. To qualify for the exemption:
- Gold must have a fineness of at least 995 parts per 1000 (for bars) or not less than 900 parts per 1000 (for coins).
- Bullion coins must be legal tender in their country of origin, and their price must not exceed more than 80% of the market value of the gold contained in the coin.
Advantages of exempting gold from VAT
Thanks to this exemption, individual investors and entrepreneurs can purchase investment gold without having to pay VAT. This is a significant advantage that makes investing in precious metals even more attractive. However, it is worth remembering that the exemption only applies to gold that meets certain requirements. When purchasing gold jewelry or collector coins whose price significantly exceeds the value of the precious metal they contain, you must expect to pay VAT at the applicable rate. This also applies to investment products made of silver!
Summary
Before deciding to invest in gold, it is always worth making sure that the selected product meets the criteria for exemption from certain taxes that could significantly affect the financial liquidity of the company. If in doubt, it is best to consult an investment advisor who will help you choose the right type of gold and dispel any doubts you may have about tax issues – in this regard, it is best to work with a tax advisor or auditor with practical experience in tax optimization!
 (1)_LBMA.jpg)
English
German
Ukrainian
801 501 521
