The Gold Tax Map
What it actually costs to bring investment-grade gold bullion across a border: import duty plus the VAT, GST or sales-tax leg, country by country. Hover or tap a highlighted country for the rates, the rule behind them, and the source. Every number below cites a primary source with the effective date of the current treatment.
Map shows the total tax band on investment-grade bullion (bars and wafers, typically 995 fineness or better, plus qualifying coins). Jewellery, collectible coins and scrap follow different rules everywhere.
The rates, cited
| Jurisdiction | Import duty | VAT / GST | Total | What to know | Effective | Source |
|---|---|---|---|---|---|---|
| India | 15% | 3% GST | 18% | 10% Basic Customs Duty + 5% AIDC on bars, raised from 6%. 3% GST on top. The duty sits inside every IBJA-over-COMEX spread. Today: quotes +11.20% over COMEX (-3.30% after stripping the tax leg) | 2026-05-13 | CBIC Notification Nos. 15-18/2026-Customs |
| Japan | 0% | 10% | 10% | Customs duty free (HS 7108.12), but the 10% consumption tax has NO bullion carve-out. It is the wedge inside Tanaka retail quotes, and it funds a documented smuggling economy. Today: quotes +8.22% over COMEX (-1.62% after stripping the tax leg) | 2019-10-01 | Japan Customs tariff schedule + NTA |
| China | 0% | Exempt via SGE | 0% | Standard gold traded through the Shanghai Gold Exchange is VAT-exempt (13% otherwise). Imports AND exports need a PBOC license; in practice only about 13 banks hold one. Today: quotes -1.61% over COMEX | 2025-11-01 | MOF/STA Announcement No. 11/2025 |
| Turkey | 0% | Exempt | 0% | Unprocessed gold is VAT-exempt (Law 3065, Art. 17/4-g), but only Borsa Istanbul Precious Metals Market members may import it, under a 12 tonne/month quota since Dec 2023. | 2023-12-01 | US ITA Country Commercial Guide + Borsa Istanbul |
| United States | 0% | No federal tax | 0% | HTS 7108 is duty-free; EO 14346 settled the 2025 tariff scare by excluding bullion from reciprocal tariffs. No federal sales tax; 44 states exempt bullion (Washington re-taxed it Jan 2026). | 2025-09-08 | Federal Register, EO 14346 |
| United Kingdom | 0% | Exempt | 0% | Investment gold (bars/wafers of 995+ fineness, qualifying coins) is VAT-exempt at sale and at import; UK Global Tariff duty is 0%. | 2000-01-01 | HMRC VAT Notice 701/21 |
| European Union | 0% | Exempt | 0% | Investment gold (995+ bars/wafers, qualifying coins) is VAT-exempt across all member states under the special scheme of Directive 2006/112/EC, Articles 344-356. CN 7108 enters duty-free. | 2000-01-01 | Council Directive 2006/112/EC |
| Switzerland | 0% | Exempt | 0% | Bank gold (995+ bars bearing an accredited assayer-smelter stamp, qualifying coins) is VAT-exempt; Switzerland abolished all industrial import tariffs in 2024. | 2025-01-01 | Swiss FTA VAT Ordinance + SECO |
| UAE (Dubai) | 0% | Zero-rated | 0% | Investment precious metals (99%+ purity, bullion-market tradeable) are VAT zero-rated; raw gold/bullion carries no customs duty (finished jewellery pays 5% + 5%). | 2018-06-01 | UAE Cabinet Decision No. 25 of 2018 (PwC summary) |
| Singapore | 0% | Exempt (IPM) | 0% | Investment Precious Metals (gold 99.5%+, bar/ingot/wafer/coin) are GST-exempt at import and sale; Singapore levies customs duty on almost nothing, gold included. | 2012-10-01 | IRAS e-Tax Guide on IPM |
| Australia | 0% | GST-free | 0% | Gold of 99.5%+ fineness in investment form is 'precious metal' under the GST Act: duty- and GST-free at import. Proof coins and jewellery pay the 10% GST. | 2000-07-01 | Australian Border Force + ATO GSTR 2003/10 |
| Canada | 0% | Exempt | 0% | Gold 99.5%+ (bar/ingot/coin/wafer) is a 'financial instrument' under the Excise Tax Act: GST/HST-exempt, and a non-taxable import. Customs Tariff 7108.12: Free. | 1991-01-01 | Non-Taxable Imported Goods (GST/HST) Regulations SOR/91-31 |
How to read this
Most major financial centers tax investment gold at zero: the US, UK, EU, Switzerland, Dubai, Singapore, Australia and Canada all carve bullion out of their consumption taxes and charge no duty at the border. The outliers are Asia's big consumer markets. Japan applies its full 10% consumption tax with no bullion carve-out, and India stacks a 15% import duty under a 3% GST. Those wedges sit inside the local quoted price, which is why a Tokyo or Mumbai "premium" over COMEX is mostly tax, not market tightness.
Access is its own tax. Turkey charges nothing on standard bullion but only Borsa Istanbul members may import it, under a monthly quota. China exempts exchange-traded standard gold from VAT but walls both imports and exports behind PBOC licenses held by roughly a dozen banks.
Rates change. Each row carries the effective date of the current treatment and links the source we verified it against. If we could not pin a country's numbers to a primary source, it stays neutral on the map rather than carrying a guess.