Investment Gold: Exemption from Tax (vat) in the Romanian Fiscal System

I. Bostan, Stefan cel Mare University, Doctoral School of Economics, Suceava, Romania “Gold”, the precious metal, does not deteriorate in time, as is the case with other metals; gold has a high value per volume unit, meaning that a very small quantity of it has a relatively high purchasing power. This argument, along with other such advantages identifi ed throughout history, have made the purchase of gold one of the best methods to preserve wealth in time. Even today, investment gold is of particular interest for certain customers/operators, as the authenticity of bullion gold bars is rather easily ascertained, due to the applied markings and the related certifi cates. Our approach in the present paper mainly relates to the regulatory framework of gold operations as set by state governments, particularly highlighting the specifi c taxation regulations – their exemption from Value Added Tax. However, before getting into such details, we will fi rst focus on the development of the above mentioned transactions as well as on certain price related issues, etc.