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My sales to clients are low-value transactions (below $10,000) but my purchases for inventory purposes are usually above $10,000 or more. Do I have obligations under the Act?

April 26, 2017clients Inventory low-value obligations purchases purposes sales transactions usually

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My sales to clients are low-value transactions (below $10,000) but my purchases for inventory purposes are usually above $10,000 or more. Do I have obligations under the Act?

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Yes. You have obligations if you purchase precious metals, precious stones or jewellery in an amount of $10,000 or more in a single transaction, including purchases for inventory purposes.