Is there tax on diamond, diamond jewelry, ruby, emerald, topaz, sapphire, chrysotile trade?
Is there tax on diamond, diamond jewelry, ruby, emerald, topaz, sapphire, chrysotile shopping?
According to the tax legislation number 3065, with the legislation number 6552 and article number 17/4, the importation, delivery to the market and handover of the members of market of diamond, diamond jewelry, ruby, emerald, topaz, sapphire, chrysotile, are held exempted from vat, according to the article number 6362 capital market law and the operations of importation and delivery apart from these, vat exemption are initiated on 11th September 2014.
Where is the detail of jewel importation and delivery explained?
With the vat declaration, serial number: 1, the procedure of exemption practice regarding delivery of jewel is explained.
Is any kind of diamond trade exempt from vat?
No. According to the tax legislation number 3065, the article number 17/4-g, and to the capital market law number 6362,
Jewelry in Turkish market; the importation, delivery, and the handover of diamond, diamond jewelry, ruby, emerald, topaz, sapphire, and chrysotile are exempt from vat and the vat calculations regarding these operations would be invalid.
Which jewelry trade is liable to vat?
If jewelry is handed over, delivered or imported between the ones who are not enrolled to the market are not in the scope of exemption.
Therefore, in these operations, vat will be calculated.
Is jewelry importation liable to vat? (private tax assessment)
The delivery and importation of jewelry is liable to vat.
However, according to the regarding legislation, on the condition to report to the market, vat amount is the rest after the enrolled jewelry cost is reduced from delivery amount.
The value of Jewelry enrolled to the market, is equivalent to the price of the delivery time of İstanbul diamond and jewelry stone market. If the price is not attained on the day when delivery taken place, the price of the previous day will be taken.
The practice of private tax assessment is restricted to the practices of delivery, importation and hand over only between the ones who are enrolled to the market, the other will not be valid regarding tax exemption.
Exemplum:In the delivery of jewelry stone to the consumers by the ones who are enrolled to the market and the ones who are not, private tax assessment will not be practiced; tax will be calculated on the total amount.
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