Duitsland verhoogt btw-tarief bij invoer zilveren munten van 7% naar 19%

On Friday evening, September 30, news broke about a letter from the Bundesfinanzministerium (German Ministry of Finance), stating that silver investment coins may no longer be imported at a 7% VAT rate but must instead be taxed at 19%. Initially, there was uncertainty about the letter's authenticity and the effective date, but it has since become clear that this change will be implemented immediately.
 
In Germany, silver investment coins from outside Europe, such as the Canadian Maple Leaf, are widely imported and then sold throughout the rest of Europe. Typically, the margin scheme is applied to silver investment coins, meaning that dealers pay VAT only on the profit margin rather than the total turnover. A key condition for using the margin scheme is that the VAT paid at purchase or import cannot be reclaimed as input tax.
 
For private individuals, silver coins have always been more attractive than silver bars for this reason. Silver bars are taxed at 21% VAT because they are considered industrial goods. Silver coins, on the other hand, often have a collectible value or are not typically used as legal tender, allowing them to be bought and sold under the margin scheme.

 

With the VAT rate in Germany increasing from 7% to 19%, the price of all new silver investment coins will rise significantly (approximately 11%). Additionally, on Monday, October 3, following the announcement, the price of silver itself surged by 9%, making silver investment coins about 20% more expensive than before the weekend.
 

New conditions for silver coins in Germany

The letter from the Bundesfinanzministerium outlines new conditions for applying the margin scheme and importing coins at a 7% VAT rate. For silver coins, they must now have a collectible value that corresponds to at least 250% of their metal value.
 
As a result, it is no longer possible to import coins like the Maple Leaf, Krugerrand, and Kangaroo at the 7% VAT rate.
 

Silver coins remain more attractive than silver bars

Despite the changes in VAT rates, silver coins remain more attractive than silver bars. This is because production costs for coins are significantly higher than for bars. However, the downside of silver bars is that they are always taxed at 21% VAT, even when purchased from private individuals. This means dealers can never apply the margin scheme, and 21% VAT is always charged on the total value.
 
For private individuals, this results in a high spread for silver bars. The spread is the difference between the purchase and selling price.
 
At The Silver Mountain, we have not only raised our selling prices by approximately 12%, but our buyback price (guaranteed repurchase) has also increased proportionally. We now offer 119% of the current silver price at the time you decide to sell your silver coins. Previously, this was 107%.
 
You can always check our Kieswijzer (Choice Guide) to see the most attractive options for purchasing physical silver at any given moment. As of now, the silver Kangaroo and Philharmoniker coins are the most affordable options. However, due to the current surge in demand for silver coins, delivery times have extended to 3 to 4 weeks.
 

The margin scheme in the Netherlands

In the Netherlands, the margin scheme is also applied to coin trading. Margin goods are used items purchased without VAT. For precious metals, this often involves silver coins bought from private individuals.
 
In some cases, it is also possible to apply the margin scheme to coins that are imported or purchased with VAT. This often applies to coins that have the status of legal tender but are not typically used as such. For example, this includes silver coins like the Maple Leaf, which has a "symbolic" nominal value of CAN$5, or the American Silver Eagle, with a nominal value of $1. Mints are required to assign a nominal value to coins; otherwise, they would not be legally recognized as coins. The nominal value is intentionally set very low, ensuring these coins are never actually used for everyday purchases, such as in a supermarket.
 
Disclaimer: The Silver Mountain does not provide investment advice, and this article should not be regarded as such. Past performance is no guarantee of future results.