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  #11  
Old 09-10-2007, 02:18 PM
Gold_newbie Gold_newbie is offline
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Originally Posted by Tungsten View Post
try to avoid the ERP if I can. sometimes have to make some detours...
if gold is the "real" money i see no sense is paying taxes for it..
tell that to the customs.. talking to them is like talking to the wall.
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  #12  
Old 09-10-2007, 02:26 PM
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Tungsten Tungsten is offline
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i wonder which other countries imposes taxes on bullion purchases besides singapore?
this should be rightfully viewed as an investment product instead.
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  #13  
Old 09-10-2007, 02:57 PM
nihimi nihimi is offline
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Whatever you do ....dun get caught...simple as that.
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  #14  
Old 09-10-2007, 03:03 PM
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and keep your receipts

Altho admittedly (and the customs officer concurs with my observation) the GST paid with receipt is not uniquely identifiable to specific coins.

Meaning if one day they come by your stash and asks you to provide your receipts and assuming you had receipts, they can still ask you to pay GST if you're suay.
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  #15  
Old 09-10-2007, 10:42 PM
Aigburth Aigburth is offline
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Originally Posted by turtleway View Post
Visit the basement of Hang Seng Bank Central Branch if you wish to buy American Eagles 1 Oz. I just went there this morning to sell my Eagles. It is within walking distance from Exchange Square, IFC Mall, Airport Express Hong Kong. Check out www.ypmap.com if you want to confirm.

Hang Seng prices are here:
http://www.hangseng.com/e_rate/gold_price.asp
They only accept cash. And you must bring a form of ID for them to record your name. You will also be asked to provide your tel no and address. I have asked them why, they said this is HK government requirement, not theirs.

If you wish to buy Canadian Maples, Silver or Platinum Bullion, don't go to Hang Seng, go to BOC instead. Their prices are here: http://www.bochk.com/web/market/trad...es&fldr_id=279

The BOC silver price does not look right. They are selling the 1oz maple at HK$103, which is US$13.27/oz, which is less than silver spot price! Has anyone buy silver coins from them before?

Also their maple leaf gold coin (unsealed) is going for HK$5725/oz or US$738/oz. This is very attractive as it is barely above gold spot price.
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  #16  
Old 09-10-2007, 10:47 PM
holist holist is offline
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Quote:
Originally Posted by Tungsten View Post
try to avoid the ERP if I can. sometimes have to make some detours...
if gold is the "real" money i see no sense is paying taxes for it..
Try talking sense to the Customs. Vomit blood

When they use these sentences "we have the vested power to confiscate your items for non-payment of ......." or "... you can be charged in court and fined up 1000% of the evaded taxes amount +/- jail sentence" and you then u will be a good citizen and pay up.
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  #17  
Old 09-10-2007, 10:51 PM
holist holist is offline
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Originally Posted by Aigburth View Post
The BOC silver price does not look right. They are selling the 1oz maple at HK$103, which is US$13.27/oz, which is less than silver spot price! Has anyone buy silver coins from them before?

Also their maple leaf gold coin (unsealed) is going for HK$5725/oz or US$738/oz. This is very attractive as it is barely above gold spot price.

No sure about now, but about 3 months back the silver coins are all gone when I tried to get some. More likely they put up the price for buying back purpose.

Last edited by holist; 10-10-2007 at 01:31 AM.
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  #18  
Old 16-10-2007, 10:16 PM
pasttime
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Quote:
Originally Posted by Tungsten View Post
i wonder which other countries imposes taxes on bullion purchases besides singapore?
this should be rightfully viewed as an investment product instead.
Hi tungsten, i was also once sore about having to pay GST for Maple leaf as I view it as an investment. However many people use it as a present and therefore i think that is why 7%gst applies. else what about gold chain etc.

to avoid paying unnecessary tax and reducing investment return. i buy gold stock like zijin instead. it is not exactly the same as gold.behaves like stock characteristic. another alternative is to buy paper gold.

cheers
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  #19  
Old 17-10-2007, 11:47 AM
nihimi nihimi is offline
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One of the ways to avoid Tax is if the gold product has a hook(the very reason why small gold bars come with hooks and without hooks) and it can be inserted into a chain. Wear it as a chain and Customs cannot question you.
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  #20  
Old 18-12-2007, 12:02 AM
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turtleway turtleway is offline
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Update for those who want to buy gold in HK:

Bank of China will only sell gold bullion at the rate of 1 Oz per person per day. All silver bullion are sold out.

Hang Seng Bank
has run out of American Eagles (they had about 30+ ounces last week, I bought them all), and are now selling South African Kruggerands instead. However, daily stock is limited. I have been advised by counter staff to come early in the morning, because there is a syndicate of runners that turn up every morning to buy 10 coins each. Their preference is American Eagles. It appears that there are some people in Hong Kong who are quietly accumulating gold.

Last edited by turtleway; 18-12-2007 at 12:04 AM.
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