Oklahoma State Sales Tax Requirements for Bullion & Collectibles Industry
The State of Oklahoma requires the collection of vendor use taxes on certain products sold by the Gold Financial Group and delivered to an Oklahoma address. These taxes must be collected on (1) copper products; (2) coins that are not currently, or were not previously, used as legal tender in the United States or any foreign country; (3) accessory items; and (4) 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 Oklahoma:
- Coins. A coin made of gold, silver, or other metal which is or has been used as legal tender in the United States or any foreign country.
- 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.
Vendor use taxes in Oklahoma are calculated at checkout on the Gold Financial Group website based on (1) the taxability of products sold by Gold Financial Group in Oklahoma set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Oklahoma.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF OKLAHOMA. 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 OKLAHOMA 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 OKLAHOMA, WE SUGGEST YOU VISIT THE OKLAHOMA TAX COMMISSION LOCATED AT HTTPS://WWW.OK.GOV/TAX/.