As a dealer in precious metals and stones (DPMS), do I have obligations if I engage only once or twice a year in a transaction above $10,000?
If you are a DPMS that engages in the purchase or sale of precious metals, precious stones or jewellery in an amount of $10,000 or more in a single transaction – even only once as of December 30, 2008 – you have obligations under the Act. However, if you manufacture jewellery, cut or polish stones or conduct mining activities, exemptions may apply to you.
Related Questions
- Can a dealer whose input tax credit exceeds the output tax payable in tax period or in a year claim refund of the excess credit of input tax?
- As a dealer in precious metals and stones (DPMS), do I have obligations if I engage only once or twice a year in a transaction above $10,000?
- When is a dealer in precious metals and stones subject to the obligations?
