Virginia State Sales Tax Requirements for Bullion & Collectibles Industry
The Commonwealth of Virginia requires the collection of use taxes on certain products sold by the Gold Financial Group and delivered to a Virginia address. These taxes must be collected on (1) bullion products made of copper or palladium; (2) numismatic coins if such coins cannot be used as mediums of exchange or to pay debts; (3) any sale of gold, silver or platinum bullion if such metals have not gone through a refining process; (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 Virginia:
- Bullion. Precious metal that is valued solely upon its precious metal content, whether in coin or bar form.
- Coin. A small, flat, round piece of metal which is, or has been used as legal tender, with a number showing its value and often a decorative picture.
- Legal Tender. Coins that must be accepted if offered in payment of a debt.
- Numismatic Coins. Coins which have an external value above and beyond the base value of the underlying precious metal, due to the item’s rarity, condition, age, or other external factor.
- Medium of Exchange. Coins or currency that are acceptable as a measure of value and a standard of exchange for goods and services.
- 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.
Use taxes in Virginia are calculated at checkout on the Gold Financial Group website based on (1) the taxability of products sold by Gold Financial Group in Virginia set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Virginia.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE COMMONWEALTH OF VIRGINIA. IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE COMMONWEALTH OF VIRGINIA 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 COMMONWEALTH OF VIRGINIA, WE SUGGEST YOU VISIT THE VIRGINIA DEPARTMENT OF TAXATION LOCATED AT HTTPS://TAX.VIRGINIA.GOV/.