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Gold prices rise by 20 pounds, and 21 karat records 1225 pounds per gram


Gold prices witnessed noticeable increases this week, as prices jumped about 20 pounds during the past hours at the end of the week’s trading, where a gram of 21 karat gold, which is the most popular in Egypt, recorded 1225 pounds per gram of 21 karat, and this price is the highest for gold in 4 months.

Gold prices today:

Carat 18 recorded 1050 pounds.

21 caliber record 1225 pounds.

24 caliber record 1400 pounds.

The gold pound is 9800 pounds.

Hani Milad Gayed, head of the General Division of Gold and Jewelery at the General Federation of Chambers of Commerce, announced the adoption by the Division’s Board of Directors of the accounting agreement, which will sign an agreement with its rules with the Tax Authority, which will serve retailers and end all tax disputes for traders with retroactive effect since 2016.

Milad explained that the most important points of the agreement are to neutralize the price of gold from the tax equation and not to include the price of gold in the income of retailers or the tax base of the merchant, which determines the net tax due on him, which is what the retailer has suffered from for a long time and is a general requirement that retailers have sought for decades and adopt The net profit (workmanship only) as a tax base for the merchant, for which he is entitled to pay the tax rate. The agreement also provides for the retroactive termination of all tax disputes for retailers since 2016 based on the new rules contained in the agreement, which are described only as equitable to the rights of merchants.

Milad added that the agreement comes as a culmination of the success of negotiations that lasted for a whole year between the Division’s administration and the Tax Authority to clarify all technical points related to the working mechanisms of the retail trade of gold and jewellery, in order to reach the neutralization of the price of gold, which does not exceed being one of the production inputs from the tax equation for retail trade and not to be included in the tax base to the merchant’s income.

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