Sharjah

Category: Sharjah Bullion Dealers / Gold Dealers

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DAILY DELIVERIES ACROSS SHARJAH

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Sharjah Gold Dealer Category – Market Background

dubai gold dealersSharjah gold dealers may be fewer on the ground than those of Dubai or Abu Dhabi, but these are well-known large dealers with a strong local and international customer base.

As well as our listed Sharjah gold dealers with a web presence, there are hundreds of small jewellers selling 24k gold jewellery (also known as bullion jewellery). These are concentrated in gold souks such as the Sharjah Gold Souk.

 

Are Bullion Sales Taxed in sharjah?sharjah bullion sale tax

The tax situation on Sharjah bullion is clear – there is zero sales tax or capital gains tax on gold bullion, making Sharjah a very bullion-friendly jurisdiction.

SHARJAH SALES TAX ON BULLION
As far as sales tax goes, investment gold bullion is zero rated for VAT whether the bullion is in the form of coins, rounds or bars. Gold jewellery carries VAT at 5%, levied on the full price of the piece, even on 24k jewellery.

SHARJAH CAPITAL GAINS TAX ON BULLION
At present there is zero Capital Gains Tax (CGT) in Sharjah.

Zakat on gold is mandatory for all Muslims and is charged over the total amount of gold owned by a person above a certain quantity. The quantity over which the zakat is applicable to be paid is known as nisab.

The nisab for gold bullion or gold jewellery is 85 grams of gold – meaning if a person owns 85g of gold and has held it for more than a (lunar) year then he is obligated to pay zakat on this gold.

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 UAE taxes should be addressed to the appropriate body. Taxes and taxation are subject to change.

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