Tax Newsletter - Latest income tax and VAT regulation on gold and/or jewelry

The Ministry of Finance has issued a new regulation No. 48 Year 2023 concerning the income tax and VAT on the sales of gold and/or jewelry (“PMK-48”). PMK-48 has effectively applied on 1 May 2023.
PMK-48 stipulates the latest tax treatment on the delivery/sale of gold jewelry, gold bars, jewelry not entirely made of gold, gemstones and/or other similar stones, as well as the related services, conducted by Gold Jewelry Manufacturer (“Manufacturer”), Gold Jewelry Trader (“Trader”), and/or Gold Bar Entrepreneur.