Minnesota State Sales Tax Requirements for Bullion & Collectibles Industry
The State of Minnesota requires the collection of sales taxes on certain products sold by the Gold Financial Group and delivered to a Minnesota address. These taxes must be collected on (1) copper products; (2) all coins; (3) precious metal bullion that does not meet certain purity requirements; (4) accessory items; and (5) processed items. All other products sold by Gold Financial Group are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Minnesota:
- Coins. A coin made of gold, silver, or other metal which is or has been used as legal tender.
- Precious Metal Bullion. Any precious metal bullion which does not meet the definition of Precious Metal Bullion. Precious Metal Bullion is defined as “bars or rounds that consist of 99.9 percent or more by weight of either gold, silver, platinum, or palladium and are marked with weight, purity, and content.”
- Accessory Items. Items such as holders, tubes, coin flips, and apparel.
- Processed Items. Precious metals that have been processed by third parties into items that are valued on more than their precious metal content, such as statues or colorized coins.
Sales taxes in Minnesota are calculated at checkout on the Gold Financial Group website based on (1) the taxability of products sold by Gold Financial Group in Minnesota set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Minnesota.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF MINNESOTA. IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE STATE OF MINNESOTA THAT RELATE TO THE READER’S TRANSACTIONS WITH GOLD FINANCIAL GROUP. IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF MINNESOTA, WE SUGGEST YOU VISIT THE MINNESOTA DEPARTMENT OF REVENUE LOCATED AT HTTP://WWW.REVENUE.STATE.MN.US/PAGES/DEFAULT.ASPX.