Gold Tax in Turkey: VAT, Bullion & What Buyers Pay

Investment gold in Turkey — 24K gram bars, gold coins (çeyrek, yarım and tam altın) and other bullion products — is generally exempt from VAT (KDV). That is deliberate policy: gold is a savings vehicle for Turkish families, and taxing it would penalise saving. The exemption is one reason Turkey's gold coin trade is so large and liquid.

The exemption applies to the metal in investment form. If a dealer charges a service fee on top, the fee's VAT treatment can differ — ask for the breakdown. But the gold itself, bought as bars or coins, is generally VAT-free.

Gold jewellery in Turkey carries VAT on the full price — metal value plus workmanship charges. The standard VAT rate in Turkey is 20% (raised from 18% in July 2023), and jewellery is taxed at the standard rate. That is a significant addition: on a piece whose metal and workmanship come to 100,000 lira, the VAT is 20,000 lira.

Always ask whether a quoted price includes VAT. Jewellers in the Grand Bazaar and on the high street quote both ways, and the difference is a fifth of the total — the most common source of confusion for buyers, especially visitors.

Turkish jewellers charge a workmanship fee (işçilik) on jewellery, which varies by design and is negotiable — especially in the Grand Bazaar. The VAT is calculated on the total including workmanship, so every lira saved on workmanship also saves VAT.

For investment, gram bars and coins avoid both the workmanship charge and the VAT — which is why they are the preferred form for saving. Jewellery is for wearing; bars and coins are for holding.

Turkish jewellers buy back gold at the day's rate minus a small margin. Coins resell closest to the rate because their premium is small and standardised; gram bars resell well; jewellery resells below its purchase price because workmanship charges and VAT are not recovered.

For individuals, there is no specific capital gains tax on personal gold sales of the kind some countries levy — gold is treated as a personal asset, and occasional sales are not taxed as income. Large-scale trading is a business activity and is taxed as such. Keep your receipts for significant sales.

For investment, buy VAT-free bars and coins — the tax saving alone justifies the form. For jewellery, budget 20% VAT on top of the metal and workmanship, and always ask whether quotes include it.

Turkey's gold tax system rewards saving in metal and taxes consumption in jewellery — which matches how Turkish families actually use gold. The rules are stable, but check the current VAT rate before a large purchase, as rates have changed in recent years.