Tuesday, 28th June 2005 (4449 views)

Canadian jewellers are set to welcome new plans to remove the country's jewellery excise tax.

Under current regulations, a ten per cent jewellery excise tax is implemented, a tax introduced back in 1918 for several items described as luxury goods.

At present manufacturers pay ten per cent excise tax on the sale price of jewellery made in Canada.

In addition, importers pay an excise tax of ten per cent on the duty-paid value of imported jewellery.

However the lower house of the Canadian parliament has voted for change by passing a new bill.

Gaetano Cavalieri, president of CIBJO, the World Jewellery Confederation, praised the vote. He said: "This is wonderful news. Canada, with its vast mineral resources and long tradition of cutting-edge jewellery design is a rising force in our industry.

"The Canadian legislature has effectively enabled it to compete freely on the world stage, and I am certain that the industry will flourish now that it will be operating on an equal playing field."

The bill states that Canada is the only industrialised nation that still has such a tax on jewellery.

The country's senate will hold debates on the bill before it is passed into law.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.