A seminar on the regulation of investment gold was held 13.11.2020

Currently, there are quite a lot of transactions with investment gold in Ukraine, in its various forms (including coins), but Ukrainian legislation leaves many open questions regarding the taxation or exemption from taxation of gold and gold products. Ukraine has committed itself to adapting the VAT provisions of the EU Directives in this area and thus to regulate and organize a number of processes related to investment gold.

To prepare the necessary legal framework, a practical seminar and discussions in a working group were organized for representatives of relevant government agencies.

Mr. Marcus Drost is a German VAT expert from the Tax Administration (Düsseldorf) and advisor to the European Commission, presented EU and German practices in this area to Ukrainian colleagues from the Ministry of Finance, the National Bank of Ukraine and the State Tax Service.

This event was organized at the request of the Ministry of Finance of Ukraine.

In general, during November 4-6, 2020, the German expert together with Ukrainian colleagues and advisers discussed the following issues:

  • features of taxation of investment gold transactions;
  • German legislation on the taxation of investment gold transactions, taking into account the principles and requirements of EU law;
  • the difficulties that may arise during the implementation of the provisions of Directive 112 into national legislation on investment gold;
  • recommendations for Ukraine on the adaptation of national legislation to EU legislation on investment gold;
  • procedures and methods for monitoring the legality of the application of EU legislation on investment gold;
  • the system of control in Germany over investment gold transactions;
  • risks associated with the implementation of the provisions of Directive 112 into national legislation on investment gold.

The issues discussed will form the basis of the legal framework in the field of investment gold in Ukraine.

Photo by Reuters