Compilation of Rules and Regulations of the State of Georgia
Department 560 - RULES OF DEPARTMENT OF REVENUE
Chapter 560-12 - SALES AND USE TAX DIVISION
Subject 560-12-2 - SUBSTANTIVE RULES AND REGULATIONS
Rule 560-12-2-.108 - Bullion, Coins, or Currency

Universal Citation: GA Rules and Regs r 560-12-2-.108

Current through Rules and Regulations filed through March 20, 2024

(1) Definitions. For the purposes of this Regulation, the following definitions and explanations of terms shall apply:

(a) Bullion. The term "bullion" means bars, ingots, or coins of gold, silver, platinum or any combination thereof, which has been processed by coining, smelting, refining, or in some other manner and where the sales price depends upon the content of the metal and not the form. Such term shall not include jewelry, works of art, or items used for industrial or professional purposes.

(b) Coins or Currency. The term "coins or currency" means a coin or currency or any combination thereof made of gold, silver, platinum, or other metals or paper which has been or may be used as legal tender under the laws of any state, the United States of America, or any foreign state or nation. Such term shall not include any coin or currency or combination thereof that has been incorporated into a piece of jewelry or artwork.

(c) Legal Tender. The term "legal tender" means coin or currency that at the time of issue or sale a creditor would be required to accept in payment of a debt.

(d) Medal. The term "medal" means a medallion, token, or coin that has never been accepted as legal tender and was created to commemorate a specific event, place, person or thing.

(2) Bullion, Coins or Currency. The sale of bullion, coins or currency is not subject to sales and use tax. The dealer is required to maintain documentation of the exempt transaction as provided for within this Regulation.

(3) Jewelry or Other Works of Art. The sale of jewelry or other works of art that contain bullion, coins or currency is subject to sales and use tax.

(4) Medals. The sale of medals is subject to sales and use tax. However, medals of gold, silver, platinum, or any combination thereof, whose sales price is based on the content of the metal, and not the form, are not subject to the tax.

(5) Records. The dealer is required to maintain proper documentation of any transaction, whole or in part, which is considered to be exempt. Proper documentation for the purpose of transactions involving coins or currency will describe the country of issue, denomination, and sales price of each item, items, lots, groups or sets of coins or currency. In the case of a transaction involving bullion, the proper documentation will describe the metal, quantity, form (such as bars or ingots), and sales price of each item, items, lots, groups or sets of bullion.

O.C.G.A. Secs. 48-2-12, 48-8-3.

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