Amendment to the VAT Act
Special mode for investment gold
(1) Investment gold means
(a) gold admitted to world markets with gold in the shape of ingots in the form of a brick or a plate with
- own number,
- a purity of at least 995 thousandths,
- the weight allowed in these markets; and
- the manufacturer's designation, purity and weight,
- Gold coins that
- have a purity of at least 900 thousandths,
- were stamped after 1800,
- are or have been legal tender in their country of origin; and
- they are normally sold at a price which does not exceed the free market value of their gold content by more than 80%.
(2) The supply of investment gold in the Czech republic, acquisition from another state and its import are exempt from tax without the right to deduct tax. The tax exemption without the right to deduct also applies to
a) investment gold certified for physically allocated and unallocated gold,
b) investment gold traded on gold accounts, in particular loans and swaps establishing an investment right or legal right in respect of investment gold; or
c) fixed term purchasing of investment gold, including futures and forwards, which involve the transfer of ownership or legal interest into investment gold.
(3) Service is exempt from tax without the right to deduct tax by a person acting in the name and on behalf of another person, which is supported by securing the supply of investment gold, its acquisition from another member state or its import.
(4) A payer who produces investment gold or converts gold into investment gold may decide to apply tax on the supply of investment gold, which would be exempt according to paragraph 2, to another payer with a place of performance in home country.
(5) Tax may be applied to the intermediary service, which includes the supply of investment gold according to paragraph 3, if the payer has applied the tax according to paragraph 4 when delivering investment gold.
(6) A payer who supplies investment gold exempt from tax is entitled to a tax deduction in full extent
a) in the case of purchasing of investment gold with a tax that has been applied in accordance with paragraph 4,
b) purchase, acquisition from another member state or import of gold which is not investment gold and which is subsequently converted into investment gold by the payer or a third party authorized by him or her, or
c) when purchasing a service consisting in a change in the form, weight or purity of gold, including investment gold.
(7) A payer who produces investment gold or converts gold into investment gold is entitled to deduct the tax in full extent upon purchase, acquisition from another member state or import of goods or services that are related to the production of investment gold or the conversion of gold into investment gold.
(8) A payer who receives a service according to paragraph 5, or who supplies investment gold exempt from tax and he or she is entitled to a tax deduction according to paragraph 6 letter b) and c), or who has produced investment gold or converted gold into investment gold and he or she is entitled to a tax deduction according to paragraph 7, is obliged to
a) issue a proof of supply to a natural person who is exempt from tax and the proof of supply must contain the following information:
1. company or name, addition to the name and registered office of the performing person,
2. tax identification number of the performing person,
3. registration number of the document,
4. scope and subject of performance,
5. day of issue of the document,
6. the date of performance or the date of receipt of payment, if obligation to admit performance arose on the date of receipt of payment, if it differed from the date of issue of the document,
7. the total amount, weight and purity of gold,
8. name, date of birth and place of residence of the natural person exempt from tax,
b) keep the document according to letter a) for a period of 10 years,
(c) indicate the weight and purity of the gold