Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL) said, the Middle East, particularly countries like the UAE, imposes little to no import duties on gold. For instance, the UAE has a 5% Value Added Tax (VAT) on gold, which is refundable for tourists, effectively making gold tax-free for international buyers.
Kothari added the Middle East benefits from its strategic positioning as a global gold trading hub with fewer restrictions and better access to international markets, reducing overall costs. In India, over and above the import duties, a 3% GST is levied on gold purchases. The Middle East, by contrast, does not have such cumulative taxation, keeping prices lower.
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