Economy, Business And Markets

Gold Jewelry to Get VAT Exemption

Gold Jewelry to Get VAT ExemptionGold Jewelry to Get VAT Exemption

A bill is under review by parliamentary committees to boost the gold jewelry sector by exempting domestic producers from a 9% value-added tax on sales, the head of Gold and Jewelry Union said. “In our negotiations with Majlis Research Center, Majlis Economic Commission and other lawmakers, we set out the case for new gold jewelry products … to be exempted from value-added tax,” Ayat Mohammad Vali also told ICANA on Wednesday. “The new law has been approved by the economic commission, but has yet to go to the floor,” he added. The tax policy has met strong criticism for undermining the jewelry manufacturing sector and eroding the competitive edge of Iranian exporters.  Mohammad Vali noted that the exemption would ensure a competitive edge for those seeking to enter the jewelry export market. 


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