ConCourt slams door on zero Vat for second-hand gold
This means most second-hand gold is subject to the usual value-added tax rate of 15%, closing off a loophole that has been in place for decades.
The Constitutional Court (ConCourt) has ruled that second-hand gold does not generally qualify for zero-rating under the Value-Added Tax (Vat) Act.
The ruling was handed down this week after Lueven Metals, a company involved in the buying and refining of second-hand gold, challenged the South African Revenue Service (Sars) over its interpretation of the Vat Act.
