- Platinum and
palladiumfor use in the manufacture of chemicals, precious metal compounds.
- According to reports, some precious metal importers are importing refined gold disguised as:
- Gold is subject to a 15% import duty, as opposed to a platinum alloy which requires 10.75% import duty.
Import duties on platinum have been increased to a total of 15.4% effective Monday through a notification from the Ministry of Finance.
Platinum and palladium for use in the manufacture of precious metal chemicals, compounds (precious metal compounds and solutions) and catalysts remain subject to the basic customs duty of 7.5 % subject to IGCR.
It is believed that the increase in the tax on platinum should close a loophole that will help bullion importers make record profits.
According to reports, some precious metal importers are importing refined gold disguised as a platinum alloy.
Gold is subject to 15% duty, unlike a platinum alloy which requires 10.75% duty, which observers believe is a case of misdeclaration and breach of duty.
There were reports that customs cleared shipments as the notification loophole has not clearly defined precious metal alloys. The platinum alloy shipments contain 96% gold and some importers import refined gold under the guise of platinum alloy and make gold bars.
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