Alluvial Fold and Tax PaymentsJanuary 13 2009 at 7:59 PM
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Can anyone tell me whether alluvial gold found in PNG is subjext to tax. if so, what are the tax rates set for buying and selling this precious metal.
Re: Alluvial Fold and Tax PaymentsNo score for this post
|January 14 2009, 9:02 AM |
it largely depends on the scope of your license. The Mining Act has different licenses for operation. If you are inquirinng on the selling and buying domestically, it is subject to the usuals GST taxes. If your query is in regards to exporting it, then that will be subject to Central Bank rules on gold exports and that has a export quota.
I hope this helps.
Gold and TaxNo score for this post
|January 14 2009, 9:37 PM |
Thank you for that infomation
In relation to domestic sales, what rate of GST applies to the sale of alluvial gold. Is this GST tax paid by the buyer or the seller or both.
In regard to the export of gold, what export tax if any applies to the sale of gold to a buyer outside PNG
Thank you very much for your earlier reply
Re: Gold and TaxNo score for this post
|January 15 2009, 7:56 AM |
With regards to who pays the GST on the transaction, it would be the buyer. Note that the buyer will work on rates supplied by the Central Bank as a guide to purchase your gold and i would advice you to verify the prices so that your not getting ripped off. It is within that rate, the GST is included. I am presuming your the supplier so that would mean your intrest should be in the rates given. I would also encourage you to actively sought industries that value add gold, such as jewelers or existing gold exporters.
The market naturally is there but it also optimisies your negotiations on sales.
In terms of exporting the gold, the licence holder has a quota to sell in a given year and if that quota goes over, there will be export tax implications.
Suplementing this, i advice you to consult both the Central Bank, IRC and also the Mineral Resources Authority. It is possible that the 2009 budget may have amended what i have discussed above.
Yu laik save?No score for this post
|January 16 2009, 3:43 PM |
Partrick wantaim belden save larim ol asian loggers karim long log ship igo long asia. Ol ino save baim tax.
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