Bullion Dealers Japan

Category: Japan Bullion Dealers

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Buying Bullion In Japan

japanese flag - japan bullion sectionThe Japanese bullion market is strong, with many Japanese families holding gold as a store of family wealth, especially in the context of recent Japanese monetary policy – and supports an extensive OTC (Over The Counter) gold supply thanks to significant mining, recycling & smelting industries within the country.

According to the World Gold Council (WGC) as of November 2017, the Japanese central bank holds 765.2 tons of gold, an amount unchanged since 2001 equivalent to 2.4% of its total reserves, up from 1.2% in 2004’s official figures.

Japans gold holding is the 8th highest in the word, more than double the UK’s 310.3 tonnes.

Japan is home to 11 LBMA listed gold refiners, a vast number for a single country and from a total of 15 domestic gold refiners giving buyers a wide choice in Japanese produced investment grade bullion bars. It total, domestic retail investment in physical gold stood at 21.3 tonnes in 2016, split broadly 50:50 between bars/coins and jewellery.

Such is the supply of local bullion bars, with some unique products including the “Senryo-bako” (wooden container) that most Japanese buyers have little need to look outside of the domestic market, unless as part of an internationalizing or consumption tax avoidance strategy where the Japanese wealthy are increasingly opting to buy store a percentage of their gold holdings offshore, such as in Dubai.

Are Bullion Sales Taxed in Japan?bullion sale tax

In Japan, Bullion is subject to a “consuption” tax, rated at 8% on purchases – and this is expected to rise to 10% in the near future. This means all bullion purchases include an additional premium, something that’s not applied in neighbouring countries such as Hong Kong, where there is 0% consumption tax. Any gains in investment bullion’s value are also subject to Capital Gains Tax rated at 20%.

This has led to a huge increase in gold smuggling with arrests up from 8 in 2014 to 294 in 2016, with originating countries being Hong Kong, Singapore and South Korea.

An additional side effect of this deeply unpopular sales tax is a wealth flight where investors are buying and storing gold in international gold hubs such as Dubai and Switzerland.

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IMPORTANT: The above tax details are listed for information purposes only and are believed correct at time of publication. Bullion.Directory are not tax experts. All enquiries about Japanese taxes should be addressed to the appropriate local body. Taxes and taxation are subject to change.