Hani Milad Gaid, the head of the General Division of Gold and Journal of the General Federation of Chambers of Commerce, announced the adoption of the Accounting Agreement by the Division’s Board of Directors, which will be signed by an agreement with its rules with the Tax Authority, which will serve retail dealers and put an end to all tax conflicts of traders going back to 2016.
According to Milad, the agreement’s most crucial provisions are to remove the price of gold from the tax equation and refrain from including it in retailers’ or merchants’ income or tax containers, which determines the net tax due on it and which the retailer suffered from for a long time and is regarded as a general requirement that retailers have sought for decades, The agreement also provides for the termination of all tax disputes for retailers going back to 2016 based on the new rules included in the agreement, which are not only described as equivalent to the rights, and the adoption of net profit (manufacturer only) as a tax container for the merchant deserves to pay the tax rate.
Milad continued, “This agreement serves as a warrant for the success of negotiations that have been ongoing for a full year between the Department of the Division and the Tax Authority to clarify all technical points related to the mechanisms of the work of retail and jewellery trade to reach the price of gold, which does not exceed the production inputs from the tax equation for retail trade and is not included in the tax container To enter the merchant.
He emphasised that the division makes every effort to protect the interests of all producers and merchants and strives to remove any barriers to efficient production and trade in a way that safeguards the interests of all participants in the commercial process, including producers, merchants, and consumers, while also taking into account the rights of the state. He also noted that the division works to establish ongoing communication between businesses and government agencies.
Milad added that in the framework of digitization of business and keeping pace with the rapid changes and the continuous development of local and global markets, the division launched an official website entitled www. egajtd. com.
Additionally, there is a reputable website on the social media platform that displays all market variables for the protection of consumers who are unaware of them.
An agreement to eliminate the gold price from the tax calculation and resolve the legal issues going back to 2016 would be
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