Other
Frequent questions
TAXES – VAT
Is VAT applied to gold? And to silver? What defines the term investment gold?
Gold in the form of investment bars and coins is exempted from value added tax. The VAT exemption occurred in connection with the Czech Republic's accession to the European Union. The Value Added Tax Act No. 235/2004 Sb. defines the term of investment gold and provides for its exemption from VAT.
Investment silver is not exempted from VAT and the VAT here is 21 %.
DISTRAINT AND HERITAGE
Why does gold also act as a security against distraint and why is it easier to donate or bequeath it than money?
Investing in precious metals brings one big advantage – it is anonymous. The owner may at any time give or sell gold to someone without being obliged to report or record with which person the trade or exchange has taken place. This means a definite advantage if the person concerned, for example, deals with distraint or inheritance and the precious metal is not kept in our deposit but in his/her home.
GOLD FUNDS
Is a paper gold really gold? How secure is an investment in paper and who is the part of the buying and selling process and sees all the movements of my investment?
The paper gold is a financial asset and the investor often buys just a promise, a castle in the air. In fact, gold declared on the gold-plated paper certificate does not physically exist, or the volume of gold issued in the certificates is more than the real amount of physical gold available at all. The paper investment system may not be under the control of the ordinary investor and is dependent on the decisions of bankers or politicians and financial institutions. The settlement of the paper gold is mostly in money, not in physical gold.
MEDIATION OF SALE
What do I need to sell gold? How to become a partner? What does the Czech National Bank monitor when selling gold?
For the sale of investment gold and silver, the consultant does not need to pass demanding professional competence tests and financial advisory certificates. These products are not subject to regulation by the Czech National Bank.
To sell to end customers, a trade licence for a subject of Production, trade and services not listed in Annexes 1 to 3 of the Trades Licensing Act”, branch of activity “Intermediation services in the field of trade or Intermediation of services” is required.