New VAT Rule on Gold Trade Comes Into Force

The Iranian National Tax Administration in a notice announced that new value added tax (VAT) on trade in gold and other precious metals will be applicable from Monday. 
As per the new rules, the original precious metal used in making jewelry will no longer be taxable and VAT will be levied only on “the seller’s commission and fees charged on designing and making the jewelry.” 
Jewelers for long had said that VAT should be levied only on fees they charge for “making jewelry”. They say the new VAT rules can benefit gold sellers because prices would be more attractive to buyers and they can increase their sales.