Is investment gold exempt from VAT in Serbia?

According to the Law on Value Added Tax (“Official Gazette of the Republic of Serbia,” No. 84/2004, 86/2004 – correction, 61/2005, 61/2007, 93/2012, 108/2013, 6/2014 – adjusted dinar amount, 68/2014 – new law, 142/2014, 5/2015 – adjusted dinar amount, 83/2015, 5/2016 – adjusted dinar amount, 108/2016, 7/2017 – adjusted dinar amount, 113/2017, 13/2018 – adjusted dinar amount, 30/2018, 4/2019 – adjusted dinar amount, 72/2019, 8/2020 – adjusted dinar amount, 153/2020, 138/2022, and 94/2024)

Article 36b 

• The sale and import of investment gold, including investment gold whose value is specified in certificates for allocated or unallocated gold, gold traded through a gold trading account, including gold loans and exchanges (swap transactions) that involve ownership rights or claims related to gold, as well as activities related to investment gold based on futures and forward contracts, the result of which is the transfer of the right to dispose of or the right to claim investment gold;

• The sale of intermediary services where the intermediary, on behalf and for the account of the client, conducts the trade of investment gold.

Investment gold has been sold without VAT since 1 April 2018.