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PigeonFart
Joined: 27 Apr 2006
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 Posted: Sun Dec 21, 2014 12:32 am Post subject: buying Silver bullion in Korea...tax? |
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I was searching the web for info on buying silver bullion (bars/coins/rounds) in korea.
2 previous posts (see below) discussed silver but they were old posts (circa 2010). I'd like to know if anyone has up to date info. From the previous posts it seems 'jongro-3-ga' station in Seoul is the best place to buy and sell silver. Anyone know if there is V.A.T. when you buy bullion? Also, what about Capital Gains Tax in Korea?
I'm sure there's an abundance of info out there but my Korean is not good enough to trawl through pages of tax documents. Some input from a fellow English speaker who alreadys knows such things would be great.
korean silver ETF...
http://forums.eslcafe.com/korea/viewtopic.php?t=203658&postdays=0&postorder=asc&start=0
carrying silver bullion bars into Korea...
http://forums.eslcafe.com/korea/viewtopic.php?p=2637385 |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Dec 21, 2014 5:02 pm Post subject: |
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| I think if you physically buy gold and silver and then resell it again in a couple of years, you won't have to pay a capital gains tax. Perhaps, if you hold them as certificates or investments. But, VAT is a good question. It's possible there may be a 10% sales tax tacked onto these. In Korea, you can buy mini bars as opposed to coins. I'd be careful about coins anyways, unless they are from a recognized name. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Dec 21, 2014 5:03 pm Post subject: |
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| I mean you can buy mini silver and gold bars and keep them in your place if you think it's safe from burglars. Lol. Resell later on if you think prices will rise. |
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Lucas
Joined: 11 Sep 2012
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| Posted: Sun Dec 21, 2014 5:44 pm Post subject: |
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| Quote: |
| I mean you can buy mini silver and gold bars and keep them in your place if you think it's safe from burglars. Lol. Resell later on if you think prices will rise. |
I buy a lot of those chocolate coins, with the gold foil.
Silver one's are for beta's  |
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Otherside
Joined: 06 Sep 2007
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| Posted: Sun Dec 21, 2014 6:17 pm Post subject: |
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Yes VAT is charged. That's 10% more you have to pay which you won't get back when you sell. (In addition to any dealer spreads) which makes buying PMs less profitable in Korea than most places.
I don't know about the CGT, but most for many people, buying and selling physical PMs is a way to keep things off the books, and most transactions are done in cash.
As an aside, due to the 10% VAT, it's worth buying from a well-known online retailer (e.g. APMEX). The only additional cost is the shipping, however this is often worth it due to better prices and a larger selection. (the import duty is cancelled out by the absence of VAT) |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Mon Dec 22, 2014 4:18 pm Post subject: |
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| Otherside wrote: |
Yes VAT is charged. That's 10% more you have to pay which you won't get back when you sell. (In addition to any dealer spreads) which makes buying PMs less profitable in Korea than most places.
I don't know about the CGT, but most for many people, buying and selling physical PMs is a way to keep things off the books, and most transactions are done in cash.
As an aside, due to the 10% VAT, it's worth buying from a well-known online retailer (e.g. APMEX). The only additional cost is the shipping, however this is often worth it due to better prices and a larger selection. (the import duty is cancelled out by the absence of VAT) |
There are also many jewlery shops that sell silver and gold bars. Both are expected to rise dramatically. You can't expect fiat currencies to survive forever can you? |
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