5 January 2016

Amendment of VAT ruling for Silver Coins coming

At the end of 2015 there was an extensive amendment proposed by the Estonian Ministry of Finance. One of these amendments is to abolish the VAT exemption for collector’s items and commemorative coins from 1st July 2016.

The Ministry of Justice did not approve the draft law and suggested changes to the proposal document. It means that the Ministry of Finance should amend its proposals. As the proposals have not yet been finalized they do not have the government’s approval to be sent to the parliament for discussions. 

6 Months adoption time

All the tax amendments which contain restrictive measures have to leave 6 months between the adoption and entering into enforcement. This means that such a measure cannot come into force from 1st July 2016. It now depends on the speed of the required procedure when the new regulation on silver coins will be adopted.

New Rulings to be expected to come into force earliest August/September 2016

We know how fast the Estonian parliament can put new laws into force and we have submitted a letter asking to change the rulings for silver coins and to postpone the date should a change in taxation for silver coins not be possible.

Seamless Silver Offer & Adaption of CelticGold’s Silver Logistics

Should the Estonian government not change the rulings on silver coins as it is stated in the current amendment then this will mean a standard VAT rate of 20% on silver coins. We will then move our silver logistics back to Germany where it is possible to sell silver coins Europe wide under the margin ruling. We will simply switch the silver pricing and online offer from Estonia to Germany. CelticGold guaranties a seamless order processing.

Should we have to move back to Germany then silver prices per Ounce will increase by about 0.40 to 0.80 cents. So should you plan to purchase silver then do it safely at our lowest VAT free prices before July 1st 2016.

We will keep everyone informed about the developments in Estonia.

Author: celticgold.eu

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