The government has raised customs duties on precious metals, including gold, silver, and platinum, following amendments to previous notifications. This marks a significant adjustment in the customs duty landscape for the sector.
Details of the Customs Duty Increase
The government has officially raised customs duties on findings of precious metals, effective immediately. The new rates are set at 5% for gold and silver, 5.4% for platinum, and 4.35% for catalyst materials. This adjustment follows a series of changes made to earlier notifications issued in 2018 and 2021, reflecting the government’s ongoing evolution in customs policy.
This update is expected to have widespread implications for traders and businesses involved with precious metals, impacting their import duties and overall operational costs. The revisions underline the government's intention to regulate the precious metals sector more comprehensively.
“Revised duties reflect our commitment to a regulated customs environment for precious metals,” stated an official release.
For practitioners in the field, these changes are critical to understanding compliance obligations and advising clients on the monetary implications of customs duties effectively. This news signifies a shift in regulatory standards that should be monitored closely.
Citations
- Customs Duty Notification (2026) Government
