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And he said Head of the Gold Division And the manufacture of precious metals at the Federation of Egyptian Industries, Ehab Wassef, in a statement obtained "Sky News Arabia" On a copy of it, the increase in workmanship prices with the start of the new fiscal year 2022-2023 starting from this month was not issued by factory owners, but came in accordance with the amendments made by the Egyptian Tax Authority to amend the mechanism for collecting value-added tax on precious metals.
confirmed Ehab Wassef The entire proceeds of the new increase will go to the state treasury and not to factory owners and traders.
According to the statement, the amendments introduced by the taxes provide for the collection of value added tax Which is applied from the beginning of the new fiscal year, that the value of the average operating values known as workmanship, and not any other stage of the cost, is calculated at 14 percent annually, provided that its proceeds rise to the state without changing its percentage through Increase the value of workmanship at a rate of 10 percent annually.
The head of the Gold and Precious Metals Manufacturing Division explained that after the new estimated increase, the average value of workmanship on a gram of 21 karat gold will rise to 44 pounds, and the value of the value-added tax due on it will be 6.16 pounds, and the average workmanship of 24 and 18 karat gold to 66 pounds, provided that the value of the tax will be The added value of it is 9.24 pounds.
The average value of workmanship on a 14-gauge gram will rise to 55 pounds, and a tax is due on it 7.7 pounds, and the workmanship price on a 12-gauge gram will reach 49.5 pounds, and the value-added tax will be 6.93 pounds, while a 9-gauge gram will raise the price of its workmanship to 33 pounds, provided that you get from it A value added tax of 5.62 pounds.
The value of the new workmanship will increase on the prices of silverware between EGP 8.8 to EGP 11, and the average value of the value-added tax applied to it will be EGP 1.39, depending on the type of caliber. fairy.
Ihab Wassef said in statements to"Sky News Arabia" The Division is currently studying several proposals to absorb the increase in value-added tax by raising the value of workmanship by 10 percent annually, so as not to negatively affect the decline in factory and merchant sales.
Meanwhile, it declined gold prices For 21 karat from the level of 1250 to 980 pounds per gram before gold compensates part of these losses at the beginning of Saturday’s transactions, gold records 990 pounds per gram of 21 karat, which is the main caliber in the country.
The losses of gold owners reached more than 260 pounds per gram, after gold prices fell, Friday, to levels of 980 pounds per gram, compared to 1250 pounds per gram in the first week of May 2022.
What happened in the Egyptian market was only a reflection of what gold prices witnessed in global markets, over the course of the last May and June, due to the rise in US interest rates, as the price of an ounce in global stock exchanges fell by about $90 in two months, after it fell from the level of 1900 dollars. Early May 2022 to 1810 dollars at the end of Friday settlements.
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And he said Head of the Gold Division And the manufacture of precious metals in the Federation of Egyptian Industries, Ehab Wassef, in a statement obtained by “Sky News Arabia”, that the increase in workmanship prices with the start of the new fiscal year 2022-2023 starting from this month was not issued by factory owners, but came according to amendments made by the Tax Authority. Egypt to amend the mechanism for collecting value-added tax on precious metals.
confirmed Ehab Wassef The entire proceeds of the new increase will go to the state treasury and not to factory owners and traders.
According to the statement, the amendments introduced by the taxes provide for the collection of value added tax Which is applied from the beginning of the new fiscal year, that the value of the average operating values known as workmanship, and not any other stage of the cost, is calculated at 14 percent annually, provided that its proceeds rise to the state without changing its percentage through Increase the value of workmanship at a rate of 10 percent annually.
The head of the Gold and Precious Metals Manufacturing Division explained that after the new estimated increase, the average value of workmanship on a gram of 21 karat gold will rise to 44 pounds, and the value of the value-added tax due on it will be 6.16 pounds, and the average workmanship of 24 and 18 karat gold to 66 pounds, provided that the value of the tax will be The added value of it is 9.24 pounds.
The average value of workmanship on a 14-gauge gram will rise to 55 pounds, and a tax is due on it 7.7 pounds, and the workmanship price on a 12-gauge gram will reach 49.5 pounds, and the value-added tax will be 6.93 pounds, while a 9-gauge gram will raise the price of its workmanship to 33 pounds, provided that you get from it A value added tax of 5.62 pounds.
The value of the new workmanship will increase on the prices of silverware between EGP 8.8 to EGP 11, and the average value of the value-added tax applied to it will be EGP 1.39, depending on the type of caliber. fairy.
Ehab Wassef said in statements to “Sky News Arabia” that the division is currently studying many proposals to absorb the increase in value-added tax by raising the value of workmanship by 10 percent annually, so as not to negatively affect the decline in factory and merchant sales.
Meanwhile, it declined gold prices For 21 karat from the level of 1250 to 980 pounds per gram before gold compensates part of these losses at the beginning of Saturday’s transactions, gold records 990 pounds per gram of 21 karat, which is the main caliber in the country.
The losses of gold owners reached more than 260 pounds per gram, after gold prices fell, Friday, to levels of 980 pounds per gram, compared to 1250 pounds per gram in the first week of May 2022.
What happened in the Egyptian market was only a reflection of what gold prices witnessed in global markets, over the course of the last May and June, due to the rise in US interest rates, as the price of an ounce in global stock exchanges fell by about $90 in two months, after it fell from the level of 1900 dollars. Early May 2022 to 1810 dollars at the end of Friday settlements.