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Practical guide for completing census form 036

Investment gold transactions [Form 036]

The special regime applicable to operations with investment gold (box 574) is configured as mandatory, unless waived on a transaction-by-transaction basis and incompatible with the simplified regime.

This special regime aims to overcome distortions of competition and apply to investment gold an exemption regime similar to that of other financial investments, also authorising certain deductions to equate the taxation of deliveries with that of imports.

The special regime is defined as a limited exemption, analogous to that of other financial investments, given that deliveries of gold for investment purposes have a similar character. Although with special characteristics, as certain deductions are recognized.

The operations that are taxed under this special regime are deliveries, intra-community acquisitions and imports of investment gold (considering as such the one provided for in article 140 of Law 37/1992 of VAT), constituting, in any case, a differentiated sector of economic activity.

The provision of services involving investment gold is not included in the special regime (except for mediation services in exempt transactions involving investment gold). Intra-Community acquisitions of investment gold are also not exempt if the transferor has waived the exemption in the Member State of origin (in such case the intra-Community supply is exempt at source and the intra-Community acquisition is taxed at destination).

The exemption on deliveries of investment gold can be waived if the following requirements are met:

  • that the transferor is regularly engaged in the production of investment gold or the transformation of non-investment gold into investment gold.
  • that the purchaser is a businessman or professional acting in the exercise of his business or professional activities (this will be the person who has the status of taxable person)

The exemption from the provision of mediation services in transactions involving investment gold can also be waived if the purchaser is a businessperson or professional and the exemption has been waived in the delivery of the investment gold to which the mediation service refers.

The waiver is made on a transaction-by-transaction basis, by communicating it in writing to the purchaser, prior to or simultaneously with the delivery.