The Directorate General of Taxes recently issued new clarifications concerning the application of provisions from the Finance Law for the year 2026. These clarifications, detailed in instruction number 34, aim to provide further guidance on the regulatory framework impacting the precious metal trade. The instruction, issued early this month, specifically addresses the organization of activities related to gold, silver, and platinum. The move by the Directorate General of Taxes signifies an effort to ensure consistent implementation of the financial legislation enacted for the upcoming fiscal year, aiming to enhance transparency and compliance within this critical sector.
Licensing and Professional Scope
Practicing activities involving the manufacturing, trading, or exporting of gold, silver, or platinum now requires a prior license granted by the tax administration. This mandate shows a more stringent approach to overseeing the precious metal industry. Before permitting such activities to commence, the Directorate General of Taxes will verify professional competence and good conduct of applicants. This rigorous vetting process is designed to ensure that only qualified and reputable individuals and entities operate within the sector, thereby mitigating risks of illicit activities.
The list of professionals subject to Article 359 of the Indirect Taxes Law has been expanded to explicitly include artisan goldsmiths, broadening the scope of regulatory oversight. This expansion reflects a recognition of the significant role artisan goldsmiths play in the precious metal trade. Procedures for both granting and withdrawing these licenses will be established through a decree issued by the Minister of Finance, ensuring a standardized and legally binding process for all stakeholders.
Customer Record-Keeping Mandates
Artisan goldsmiths and other precious metal dealers are now obligated to maintain a special customer register, according to new clarifications from the Directorate General of Taxes. This register must be numbered and stamped by the tax administration to ensure its official status and integrity. The required entries in this register are full, including the nature of the items sold, their quantity, weight, fineness, and the transaction price. Additionally, the register must meticulously record the buyer's identity and their address, providing a complete audit trail for each transaction. Dealers are mandated to retain these records for a period of five years, a measure that significantly enhances traceability and accountability. These measures aim to enhance transparency and traceability within the precious metal trade sector, making it more difficult for illicit transactions to occur unnoticed.
Enforcement and Compliance
Professionals operating in the precious metal trade sector are now required to present their customer registers and transaction documents upon request by competent control authorities. This requirement ensures that regulatory bodies have the necessary tools to monitor compliance effectively. The Directorate General of Taxes specified that failure to comply with established activity conditions or other legal obligations may result in the withdrawal of the license by the tax administration. This is a significant shift in enforcement strategy. Amendments introduced by the Finance Law 2026 replace the previous measure of striking names from professional lists for non-compliance. Instead, the tax administration now has the possibility of withdrawing accreditation or the license itself, tightening regulatory oversight and imposing more direct and impactful consequences for non-compliance.
Context of Finance Law 2026
The recent clarifications, issued early this month by the Directorate General of Taxes, specifically concern the organization of activities related to gold, silver, and platinum. These new directives aim to streamline the regulatory framework for precious metals, according to the Directorate General of Taxes. The measures are part of broader efforts to enhance transparency and compliance within the sector, ensuring that all operations adhere to the highest standards of legality and ethical conduct. By strengthening oversight and imposing stricter requirements, the Directorate General of Taxes seeks to foster a more accountable and transparent precious metal trade environment.