Value added tax
Exemption of value added tax for trades in KRX gold market
The gold trades in KRX gold market are exempt from value added tax (VAT). (Paragraph 1, Article 126-7 of the Restriction of Special Taxation Act)
Tax deduction of input tax related to gold bullions supplied by qualified gold manufacturers and importers
When the qualified gold manufacturers and qualified gold importers designated by KRX sell gold in KRX gold market, the VAT that they have paid is tax deductible. (Paragraph 2, Article 126-7 of the Restriction of Special Taxation Act)
Tax on withdrawal of gold
  • 10% of VAT is imposed when the gold, which is purchased in the KRX gold market and deposited with the deposit institute (Korea Securities Depository: KSD), is withdrawn from the KSD. (Paragraphs 4 and 7, Article 126 of the Restriction of Special Taxation Act)