Brazil [merchandise gold (concession holder)] → Switzerland (refine) → United States → Canada · Domestic sale of refined bars and settlement

Public law and official guidance, published as research. Not legal, tax or financial advice.

Ask the research

Ask in your own words. The answer is the research itself: its records, word for word, with every source and how sure each one is.

The route, leg by leg

Each step, tax and control as the research records it, with its legal basis and how sure the research is.

Brazil (Doré bar - unstamped → Doré bar - stamped/exporter-sealed) ⟶ Switzerland (Doré bar - stamped/exporter-sealed → LBMA Good Delivery 400oz bar) ⟶ United States (LBMA Good Delivery 400oz bar) ⟶ Canada (LBMA Good Delivery 400oz bar)

Not researched: United States → Canada

Leg 1: Brazil

Where the goods start

Doré bar - unstamped → Doré bar - stamped/exporter-sealed

1
Send the gold from the PCO to head office or the refinery with an NF-e Ouro remittance note, by secure carrier
Who
BCB-authorised financial institution buying gold (DTVM) and its purchase post (PCO)
Needs
NF-e Ouro - first acquisition of gold from a PLG
Issues
NF-e Ouro - remittance note (PCO to head office/refinery)
Primary law
- IN RFB 2.138/2023; Lei 7.766/1989, IN art. 3 V b-c; Lei 7.766 art. 3 §1
2
Refine buttons or doré into 999.9 bars and issue a bar list; the refiner covers the return of the gold with an NF-e Ouro (IN RFB 2.138 art. 3 §2).
Who
Domestic gold refinery
Needs
NF-e Ouro - remittance note (PCO to head office/refinery)
Issues
Domestic refiner's bar list / certificate
Form
Smelted button/bar → 999.9 kilobar
Industry practice
Refining to 999.9 is practice; only the return invoice (IN art. 3 §2) is law.
3
Sell gold to another institution or client and issue an NF-e Ouro (negotiation); no further IOF-ouro (it falls only on first acquisition)
Who
BCB-authorised financial institution buying gold (DTVM) and its purchase post (PCO)
Issues
NF-e Ouro - negotiation between institutions
Primary law
- IN RFB 2.138/2023; Lei 7.766/1989, IN art. 3; Lei 7.766 art. 8
4
Issue the export NF-e and commercial invoice for the doré lot (export exempt from indirect taxes)
Who
Mining company holding a concessão de lavra
Needs
Mine laboratory assay of doré; Habilitação to act in foreign trade (IN RFB 1.984/2020)
Issues
Export NF-e for doré (merchandise)
Unverified
[not-read] export NF-e rules for merchandise not obtained; ICMS, PIS and COFINS do not apply to exports (LC 87 art. 3 II; Lei 10.637 art. 5 I; Lei 10.833 art. 6 I).
5
Register the DU-E in the Portal Siscomex and obtain export clearance (the exporter must be habilitado, IN RFB 1.984/2020).
Who
Customs broker (despachante aduaneiro)
Needs
Export NF-e for doré (merchandise)
Issues
DU-E for doré exported as merchandise
Primary law
[inferred] applied to doré as merchandise; IN 1.702 has no gold-specific rule.
- IN RFB 1.702/2017; IN RFB 1.984/2020, IN 1.702 arts 1, 3, 7; IN 1.984 arts 3-4
6
Secure air shipment of the doré to the foreign refiner
Who
Valuables carrier (PF-authorised domestic transporter) and international air carrier
Needs
DU-E for doré exported as merchandise
Issues
Air waybill
Industry practice

Taxes and fees

CFEM (Compensação Financeira pela Exploração de Recursos Minerais) on gold
1.5% Gold ore, doré, garimpo gold
Primary lawAmount not confirmed
- Lei 8.001/1990 as amended by Lei 13.540/2017, art. 2, 2-A, Anexo
Export duty (Imposto de Exportação) on gold
None on gold as financial asset (only IOF applies, CF art. 153 §5); on gold as merchandise, only if CAMEX lists it (not confirmed)
Primary lawAmount not confirmed
- CF art. 153 §5; Decreto 6.759/2009, Decreto 6.759 arts 212 §2, 215
Income tax on gains from gold operations
Capital gains on gold financial-asset operations, taxed as financial-market income
Primary law
- Lei 7.766/1989, art. 13
IOF-ouro (tax on gold as financial asset)
1% Gold as financial asset or exchange instrument, on first acquisition only; the sole tax on such gold
Primary lawAmount not confirmed
- Lei 7.766/1989; Decreto 6.306/2007; Lei 11.196/2005; CF art. 153 §5, Lei 7.766 arts 4, 8-10; Decreto 6.306 arts 36-40; Lei 11.196 art. 70 II a
IOF on the FX operation bringing in export receipts
0% Export proceeds converted into reais
Primary lawAmount not confirmed
- Decreto 6.306/2007, art. 15-B I

Controls

No repatriation or surrender requirement: exporters may keep foreign-currency export proceeds abroad (Lei 11.371 art. 1); receipts may arrive before or after shipment, including by credit to an account abroad of the authorised institution (Res. BCB 277 art. 46).
Primary law
- Lei 11.371/2006 art. 1, as reworded by Lei 14.286/2021 art. 26
PLGs only for Brazilian citizens or garimpeiro cooperatives (Lei 7.805 art. 5); research authorisations and mining concessions only for Brazilians, companies under Brazilian law with head office and administration in Brazil, or cooperatives (CF art. 176 §1; Decreto 9.406 arts 16, 30).
Primary law
- Lei 7.805/1989; CF art. 176 §1, Lei 7.805 art. 5
Extracting Union minerals without a title is a crime: usurpation, 1-5 years, with the same penalty for whoever acquires, transports, holds or sells the product (Lei 8.176 art. 2 §1); mining without authorisation also carries 6 months-1 year (Lei 9.605 art. 55) and seizure of the product (Lei 7.805 …
Primary law
- Lei 8.176/1991; Lei 9.605/1998; Lei 7.805/1989, Lei 8.176 art. 2; Lei 9.605 art. 55; Lei 7.805 art. 21
  “Art. 2° Constitui crime contra o patrimônio, na modalidade de usurpacão, produzir bens ou explorar matéria-prima pertencentes à União, sem autorização legal ou em desacordo com as obrigações impostas pelo título autorizativo. Pena: detenção, de um a cinco anos e multa. § 1° Incorre na mesma pena aquele que, sem autorização legal, adquirir, transportar, industrializar, tiver consigo, consumir ou comercializar produtos ou matéria-prima, obtidos na forma prevista no caput deste artigo.”
Persons buying and selling gold as financial asset (Lei 9.613 art. 9 II) and dealers in precious metals (art. 9 parágrafo único XI) must identify clients, keep records (at least 5 years), register with their regulator or COAF and report to COAF (arts 10-11); BCB-authorised institutions follow Circ…
Primary law
- Lei 9.613/1998; Circular BCB 3.978/2020, Lei 9.613 arts 9-11
No ban on paying for gold in cash was found in the law in force. BCB-authorised institutions record cash operations above R$2,000 with the bearer's CPF (Circular 3.978 art. 33) and report to COAF, by the next business day, cash deposits, withdrawals and payments of R$50,000 or more (art. 49). PL 3.0…
R$2,000 (record); R$50,000 (COAF report)
Primary lawAmount not confirmed
- Circular BCB 3.978/2020, arts 33, 49
Every exit and entry of gold as financial asset is made by the BCB or an authorised institution, with a PF-authorised domestic transporter, under an e-DMOV; exit always gets a scheduled physical verification (IN RFB 1.082 art. 11 §2); gold with irregular fiscal documents is seized (art. 21 III).
Primary law
- IN RFB 1.082/2010, arts 1, 11 §2, 19, 21
  “§ 2º O controle referido no caput será processado com base na Declaração Eletrônica de Movimentação Física Internacional de Valores (e-DMOV).”
Gold as financial asset may be bought at first acquisition only by BCB-authorised institutions (Lei 7.766 art. 1; IN RFB 2.138 art. 3 I), whose acquisition invoice proves the purchase (Lei 12.844 art. 39 II); regularly constituted garimpeiro cooperatives may buy at origin and must resell to the BCB …
Primary law
- Lei 7.766/1989; Lei 12.844/2013; Lei 11.685/2008, Lei 7.766 arts 1-2; Lei 12.844 art. 39 II; Lei 11.685 art. 9
All gold financial-asset operations and their transport must be covered by fiscal documents; irregular gold is seized by the Receita Federal (Lei 7.766 art. 3; Decreto 6.306 arts 46, 56). Since 1 Aug 2023 the document is the NF-e Ouro Ativo Financeiro; an invoice with inaccurate data is inidônea (I…
Primary law
- Lei 7.766/1989; IN RFB 2.138/2023, Lei 7.766 art. 3; IN arts 1 §1, 3, 6
Before its first acquisition, garimpo gold may be transported only within the gold-producing region (the geological province of the same gold mineralisation where the workings are) up to an authorised buyer.
Primary law
- Lei 12.844/2013, art. 38 §§2, 5
The presumption of legality of the gold and of the buyer's good faith once the seller's documents were filed (Lei 12.844 art. 39 §4) was suspended by the STF in ADI 7.345 (interim order quoted in the EMI of PL 3.025/2023, which also ordered the Executive to adopt within 90 days a new framework for …
Primary law
- STF ADI 7.345 and 7.273; IN BCB 406/2023, IN BCB 406 art. 2
Mining in Indigenous lands requires Congress authorisation (CF art. 231 §3), the garimpeiro-cooperative priority of art. 174 §§3-4 does not apply there (art. 231 §7), and a PLG does not apply to Indigenous lands (Lei 7.805 art. 23 a). Gold from garimpo in Indigenous lands cannot be lawfully prod…
Primary law
- Constituição Federal; Lei 7.805/1989, CF art. 231 §§3, 7; Lei 7.805 art. 23 a
  “§ 7º Não se aplica às terras indígenas o disposto no art. 174, § 3º e § 4º”

Leg 2: Switzerland

On the way

Doré bar - stamped/exporter-sealed → LBMA Good Delivery 400oz bar

7
Onboard Dubai supplier: KYC pack, chain-of-custody statement, mine-of-origin/scrap declaration, DMCC/UAEGD audit reports
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Needs
Air waybill
Issues
Refiner file on the Dubai supplier: identity, commercial-register extract, proof of lawful acquisition (export permit/declaration, mining licence where applicable), SECO embargo check, origin clarification (kept for the period the EMKV sets: zehn Jahren); KYC questionnaire for mined material, naming each ASM supplier in the chain (team/cooperative, aggregators, local exporter); Independent assurance report on the Dubai refiner's responsible sourcing practices, as an Intermediate Refiner (RGG v9 s.2.3 enhanced due diligence for high-risk recycled gold); Site visit at the mine of origin before transacting (or within 6 months) - enhanced due diligence
Primary law
[inferred] Asking for DMCC/UAEGD audit reports and a chain-of-custody statement is the model's application to a Dubai supplier; the LBMA Responsible Gold Guidance and the BAZG melter due-diligence directive do not name them. The EMKV duties are read in the official fedlex consolidation held on the server. In the EMKV record on the server these articles are parsed into the section labelled Anhang (section id in the refs), not into their own sections; the quotes are from that section.
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 1 (parsed into section sch-2)
  “Der Inhaber einer Schmelzbewilligung darf Schmelzgut nur von Per-”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 1 (lawful acquisition) (parsed into section sch-2)
  “die sich über deren rechtmässigen Erwerb aus- weisen können.”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 2 (identity) (parsed into section sch-2)
  “Es muss die Identität des Kunden anhand eines beweiskräftigen Do- kumentes wie Pass oder Identitätskarte überprüfen.”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 3 (origin clarification) (parsed into section sch-2)
  “Bestehen über die Herkunft der Ware Zweifel oder stammen die An- gebote von Unbekannten, so ist der Inhaber der Schmelzbewilligung verpflichtet, die Herkunft des Schmelzgutes besonders sorgfältig abzu- klären.”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168b Abs. 3 (retention) (parsed into section sch-2)
  “Schmelzprodukten müssen während zehn Jahren aufbewahrt werden.”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKG Art. 31a Abs. 1
  “Wer gewerbsmässig Schmelzgut im Sinne von Artikel 1 Absatz 3”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKG Art. 31a Abs. 6
  “Die Absätze 1-5 gelten nicht für Inhaber einer Schmelzbewilligung nach Artikel 24.”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), BAZG Richtlinie R-247 (1 Jan 2023) annex matrix Teil 1 (KYC)
  “Identifikation des Kunden gemäss Art. 168a Abs. 2 EMKV für natürliche Personen, für juristische Personen mittels Han-”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), BAZG Richtlinie R-247 (1 Jan 2023) Ziff. 3.3.2
  “Bestehen Zweifel über die Herkunft des Materials oder in Bezug auf die Integrität des Kunden sind Bewilligungsinhaber verpflichtet, den Sachverhalt besonders sorgfältig abzuklären”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), RGG v9 Step 2.1 (origin of mined gold)
  “Mined Gold: The location of the mine (LSM and ASM).”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), RGG v9 Step 2.2 (transit red flag)
  “Is claimed to originate from a country through which gold from CAHRAs is known, or reasonably suspected, to transit”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), RGG v9 Step 1.2 (records)
  “Records are required to be maintained for at least five years, or the minimum timeframe stipulated by local regulatory requirements”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), BAZG Schmelzen und Prüfen (Dec 2023) Ziff. 4.1.6 (restates Art. 168b Abs. 3)
  “Die Dokumente über den Geschäftsverkehr mit Schmelzgut und Schmelzprodukten müssen während zehn Jahren aufbewahrt werden.”
8
File the Swiss electronic customs import declaration (formal declaration; simplified or oral declarations excluded for melt material imported for sale), tariff heading 7108.1200 (statistical key 911 for mining gold), with actual origin if known; import VAT-exempt for investment gold (cast bars of at least 995 thousandths fineness bearing the fineness and the stamp of a recognised assayer-melter) and for gold in raw form or semi-finished for refining; unmarked doré may only be imported by a trade assayer (BAZG practice)
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Needs
Air waybill
Issues
Electronic customs import declaration (commercial import; simplified and oral declarations excluded for melt material)
Primary law
The Federal Council report (citing the customs administration) says actual origin must be declared if known, but for large imports, e.g. from the United Kingdom or the UAE, the dispatch country is sometimes entered; [inferred] Dubai-refined Nigerian gold can therefore appear as UAE origin. [unconfirmed] That no certificate of origin is required is not stated in the sources read. No written precious-metals control record found for a passed border check. The rule that unmarked doré may only be imported by a trade assayer is BAZG practice (BAZG letter on unmarked melt products; BAZG directive on applying the EMKG); it is not in the EMKG import article. The EMKV (precious metals control ordinance) is not held on the server, so its provisions on recognised fineness marks and banking precious metals are not relied on here. Corrected earlier: the declaration was described as "Passar"; the BAZG melt-material sheet names e-dec web. [time-limited] When the BAZG-VG enters into force (date not set), the EMKG import-check paragraphs are repealed and replaced by a new BAZG control article (BAZG-VG annex amending the EMKG).
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), MWSTG (SR 641.20, Stand 1 Jan 2025) Art. 23 Abs. 2 Ziff. 12: gold supplies exempt
  “die Umsätze, die mit Gold und Legierungen von Gold der folgenden Form erzielt werden:”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Art. 23 Abs. 2 Ziff. 12 Bst. b: investment gold, cast bars
  “Gold zu Anlagezwecken mit einem Mindestfeingehalt von 995 Tausendsteln, in Form von:”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Art. 23 Abs. 2 Ziff. 12 Bst. b, first indent
  “gegossenen Barren, versehen mit der Angabe des Feingehalts und dem Stempelzeichen eines anerkannten Prüfer-Schmelzers oder”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Art. 23 Abs. 2 Ziff. 12 Bst. d: raw or semi-finished gold for refining
  “Gold in Rohform oder in Form von Halbzeug, das zur Raffination oder Rückgewinnung bestimmt ist”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), MWSTG Art. 53 Abs. 1 Bst. m: import of gold exempt
  “Gold und Legierungen von Gold nach Artikel 23 Absatz 2 Ziffer 12.”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), AS 2024 438 (amendment of 16 June 2023, in force 1 Jan 2025): inserts Art. 53 Abs. 1 Bst. m
  “Gold und Legierungen von Gold nach Artikel 23 Absatz 2 Ziffer 12.”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), MWSTV Art. 44 (former gold provision) repealed
  “Aufgehoben durch Ziff. I der V vom 21. Aug. 2024, mit Wirkung seit 1. Jan. 2025”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), EMKG (SR 941.31) Art. 20 Abs. 3: import checks
  “Die diesem Gesetz unterstellten Waren können bei der Einfuhr einer umfassenden oder stichprobenweisen Kontrolle unterworfen werden.”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG statistics page: tariff heading 7108.1200
  “Data relating to gold in raw form (e.g. bars) are recorded under customs tariff heading 7108.1200”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG statistics page: statistical key 911 (from 1 Jan 2021)
  “mining gold *(key: 911)*”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Federal Council report 14 Nov 2018, s.3.7
  “dass der tatsächliche Ursprung der Waren gemeldet werden muss, sofern er bekannt ist”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Federal Council report s.3.7
  “Bei umfangreichen Einfuhren, zum Beispiel aus Grossbritannien oder den Vereinigten Arabischen Emiraten, wird in der Zollerklärung gelegentlich das Versendungsland angegeben.”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG R-247 (1 Jan 2023) s.3.4.2: unmarked melt products only imported by trade assayers
  “Daher sind ausschliesslich Handelsprüfer berechtigt, nicht gekennzeichnete”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), R-247 s.3.4.2 (doré bars as example)
  “(bspw. Doré-Barren aus dem Bergbau)”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG Merkblatt "Annahme von Schmelzgut aus dem Ausland" (Jan 2024): simplified declarations excluded
  “Vereinfachte Zollanmeldeverfahren wie Quickzoll oder gar eine mündliche Zollanmeldung sind daher grundsätzlich ausgeschlossen.”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Merkblatt: e-dec web
  “dies selbst mittels e-dec web vornehmen”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Merkblatt: prior customs procedure
  “Annahme von Schmelzgut aus dem Ausland sichergestellt wird, dass dieses vorgängig”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Merkblatt: fine per case (under the EMKG)
  “mit bis zu CHF 2 000 pro Fall gebüsst werden”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Merkblatt: licence withdrawal
  “In schweren Fällen kann die entsprechende Bewilligung”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG letter of 4 Dec 2019 on import of unmarked melt products (only footnotes are sectioned; cited law-only)
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG-VG of 20 June 2025, Anhang 2 Ziff. 53 (EMKG Art. 20 Abs. 3-5 repealed, new Art. 22a); annex not sectioned, cited law-only
9
Weigh-in, seal-check, drill/dip-sample, fire-assay (ASTM E1335/ISO 11426) the incoming 995 bar
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Needs
Refining/re-refining agreement, Swiss refiner; Refiner file on the Dubai supplier: identity, commercial-register extract, proof of lawful acquisition (export permit/declaration, mining licence where applicable), SECO embargo check, origin clarification (kept for the period the EMKV sets: zehn Jahren)
Issues
Refiner outturn/assay report (Switzerland); Purchase book: customer, ID proof, acceptance date, description and marking, weight on acceptance, weight after melting, completion
Standard
[unconfirmed] Weigh-in, seal check and ISO 11426 are not in the sources read; ASTM E1335-24 covers fire assay of bullion, and Valcambi describes fire assay of drillings from samples taken from the melt of the received material.
- Fire assay standard practice
10
Pay the Dubai counterparty for the imported bar once the Swiss refiner's own assay confirms fine content
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Needs
Refiner outturn/assay report (Switzerland)
Issues
Final invoice from the Dubai seller (against Swiss outturn assay); Settlement wire, Swiss refiner -> Dubai counterparty
Secondary
- Refining/sale contract; SWIFT MT103
11
Wohlwill electrolytic re-refine to 999.9, or cast directly to LBMA Good Delivery 400oz spec (995 min) if already qualifying
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Needs
Refiner outturn/assay report (Switzerland)
Form
Pre-refined 995 bar (e.g. 'Dubai 995') → LBMA Good Delivery 400oz bar
Standard
[unconfirmed] Wohlwill electrolytic refining to 999.9 is industry practice not described in the Good Delivery Rules, which set only the bar specification (350-430 fine troy ounces, minimum fineness 995.0).
- LBMA Good Delivery Rules (bar spec, marking)
12
Stamp each bar with the melting-licence holder's stamp (Stempelzeichen); bars for resale are assayed by a control office or sworn trade assayer and marked with fineness and the assayer's mark; for LBMA Good Delivery bars also serial number, fineness to four figures and year
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Issues
Bar list (serials, weights, fineness)
Primary law
Serial number and year are LBMA requirements, not Swiss law. The earlier wording "registered responsibility mark" was wrong for bars (that mark, EMKG Art. 9, applies to finished wares). EMKV marking articles (Arts. 169, 173) were read only as restated by the BAZG (Vorschriften Dec 2023, held); the EMKV text is not yet held.
- PMCA (EMKG, SR 941.31); BAZG R-247; LBMA Good Delivery Rules, EMKG Art. 31(1); R-247 s.3.4.1; LBMA GD Rules s.2.1.7
13
File annual LBMA RGG independent assurance report; and (if volume threshold met) CO 964j-l conflict-minerals public report
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Issues
LBMA Responsible Gold Guidance annual assurance report; CO 964j-l conflict-minerals due-diligence public report
Standard
[time-limited] RGG v9 applies until RGG v10 takes effect: implementation 1 Jan-31 Dec 2027, first v10 audits for the reporting year ending 31 Dec 2027 (consultation closed 10 Jul 2026).
- LBMA RGG v9; CO Art. 964j-964l
14
Optionally store under customs control in a free port (e.g. Geneva La Praille / Aéroport, Embrach - Embraport, Zürich-Flughafen - Cargologic): stored goods are not subject to import customs duties or trade-policy measures and may be stored indefinitely
Who
Bonded warehouse / freeport operator (Geneva/Embrach)
Issues
Electronic customs declaration on entry of sensitive goods into the free port (content: the inventory-record particulars listed in the Customs Ordinance, letters a to f, plus the depositor's name and address); Electronic inventory record of sensitive goods: previous customs document, entry date, owner, origin country, description, value, marks, gross/net mass, origin proof, location, exit date, etc. (17 fields)
Primary law
The BAZG free-port list held is the old list in the library (its record dates it to the start of the year it was issued; no newer list found); operators may have changed. [time-limited] The BAZG-VG (adopted, not yet in force) treats free ports as a kind of customs warehouse and will replace these articles when in force. [inferred] Suspension of import VAT is read from the BAZG free-port directive ("auf das Erheben der Abgaben ... verzichtet"); the ZG names only import customs duties and trade-policy measures. Supplies of goods stored in a free port are VAT-exempt under the MWSTG (read). The ZG and ZV are now read in their official fedlex consolidations held on the server.
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG (SR 631.0, Stand 1 Sep 2023) Art. 62 Abs. 1
  “Zollfreilager sind Teile des Zollgebiets oder in diesem gelegene Räumlichkeiten:”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG Art. 62 Abs. 3
  “Die eingelagerten Waren unterliegen weder den Einfuhrzollabgaben noch handels- politischen Massnahmen.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG Art. 64 Abs. 1
  “Wer ein Zollfreilager betreibt, braucht eine Bewilligung des BAZG.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG Art. 65 Abs. 1
  “Waren, die in einem Zollfreilager gelagert werden sollen, sind der zuständigen Zoll- stelle zur Einlagerung anzumelden und in das Zollfreilager zu verbringen.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG Art. 65 Abs. 2
  “In Zollfreilagern dürfen Waren beliebig lange gelagert werden.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG Art. 66 Abs. 1
  “Die Lagerhalterin oder der Lagerhalter muss über alle eingelagerten sensiblen Wa- ren Bestandesaufzeichnungen führen.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZV (SR 631.01, Stand 1 Oct 2024) Art. 178a Abs. 1
  “Die anmeldepflichtige Person muss sensible Waren bei der Einlagerung ins Zollfrei- lager elektronisch anmelden.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZV Art. 182 Abs. 2
  “Sie oder er muss zudem für sensible Waren eine Bestandesaufzeichnung führen.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZV Art. 184 Abs. 2
  “Sie muss elektronisch geführt werden.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZV Anhang 2 Ziff. 5 (sensitive goods; the section id carries footnote 193 glued to the label)
  “Perlen, Diamanten, Edelsteine, Schmucksteine, Edelmetalle und Edel- metallplattierungen sowie Waren daraus (ex Zolltarifkapitel 71)”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), BAZG Richtlinie R-10-50 Ziff. 1.1 (levies not raised)
  “Dabei wird auf das Erheben der Abgaben, auf deren Sicherstellung und auf die Anwendung handelspolitischer Massnahmen”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), MWSTG Art. 23 Abs. 2 Ziff. 3bis
  “die Lieferung von Gegenständen, die wegen Einlagerung in einem Zollfreilager (Art. 62-66 ZG) nachweislich im Inland unter Zollüberwachung standen und diesen Zollstatus nicht rückwirkend verloren haben”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), Embrach
  “Zürcher Freilager AG, GVZ Embraport”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), Genève La Praille and Genève Aéroport
  “Ports Francs et Entrepôts de Genève SA”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), BAZG-VG (20 June 2025, not in force) Art. 64
  “Zolllager sind vom BAZG zugelassene Orte im Zollgebiet”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), BAZG-VG Art. 65 Abs. 2
  “Als Zolllager können bewilligt werden:”
15
Screen the bars, buyer and destination against Swiss sanctions before release: no purchase, import, transit or related services (including brokerage and financing) for gold of Russian origin exported after 4 Aug 2022 or gold processed from it in third countries
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Primary law
[transcription] Art. 14d paras 1-4 read in an unofficial third-party English translation (as at 22 Mar 2024, held in laws/); Annex 26 covers 7108, 7112 91 and ex 7118 90 gold coins; Annex 27 ex 7113 and ex 7114. [unconfirmed] The official consolidation is now Stand 21 Sep 2026 and was not read (the fetch tool truncates before Art. 14d); changes after March 2024 are not ruled out. The ordinance contains no explicit ban on selling gold to Russia; the export-side effect is through the services ban.
- Ordinance of 4 March 2022 on measures in connection with the situation in Ukraine (SR 946.231.176.72), Art. 14d
16
Release the bars from the refinery vault or free port against the owner's instruction and prepare the weight list (bar list), commercial invoice and packing list for the shipment
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Issues
Outbound weight list / bar list; Commercial invoice to the foreign buyer; Packing list
Standard
The weight list is sourced to LBMA Annex C; commercial invoice and packing list are standard export practice, not read in a Swiss source.
- LBMA Good Delivery Rules, Annex C (weight lists); Customs Act Arts. 62-66 (free ports)
17
Lodge the electronic export declaration in Passar (HS 7108; e-dec Export was usable only to end-2025); the declarant must make it binding and physically export the goods within 120 days of its acceptance in the IT system
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Issues
Passar export declaration (HS 7108)
Official guidance
R-10-10 (valid 1 Jan 2026) cites Art. 25-29 ZG and Art. 79-83 ZV for the declaration duty, says declarations are electronic in principle, and sets the 120-day limit from acceptance in the IT system. R-10-10 held and read in full on 2026-09-28; the Customs Act and Ordinance texts themselves were not read. R-10-10 has no gold-specific rule.
- Customs Act (ZG, SR 631.0); BAZG R-10-10, ZG Arts. 25-29 (as cited in R-10-10)
18
Receive the export assessment notice (Veranlagungsverfuegung Ausfuhr), the evidence that the goods were properly cleared for export
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Issues
Veranlagungsverfuegung Ausfuhr
Official guidance
R-10-10 cites Art. 38 and 69 ZG and Art. 92 ZV for the export assessment notice and says it is evidence of proper assessment and of export for VAT. R-10-10 held and read in full on 2026-09-28.
- Customs Act (ZG); BAZG R-10-10, ZG Arts. 38 and 69; ZV Art. 92 (as cited in R-10-10)
19
Treat the sale as a VAT-exempt export (supply of goods directly transported abroad) and keep the export assessment notice as evidence
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Needs
Veranlagungsverfuegung Ausfuhr
Primary law
Art. 23(2) no. 1 read in the held MWSTG (Stand 1 Jan 2025, German wording current). Art. 23(3): direct export includes export into an open customs warehouse or a free port. Investment gold of at least 995 fineness is separately exempt with credit under Art. 23(2) no. 12 (see ch.tax-import-vat).
- Federal VAT Act (MWSTG, SR 641.20), Art. 23(2) no. 1
20
Hand the sealed consignment to a secure valuables carrier and fly it out (Zurich or Geneva) under an air waybill
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Issues
Air waybill (outbound)
Unverified
Carrier practice. Cantonal licensing: in the Canton of Zurich "Sicherheitstransporte von Personen, Gütern und Wertsachen" require a licence under the Polizeigesetz, 9. Abschnitt (cantonal page, read by WebFetch 2026-09-28; PolG text not read). Geneva and other cantons not checked. No Swiss source read describes the outbound air leg for gold.

Taxes and fees

Customs duty on gold
0% HS 7108
Official guidanceAmount not confirmed
Import VAT on gold
Exempt Gold and gold alloys under MWSTG Art. 23(2) Ziff. 12: (a) state-minted gold coins of tariff nos. 7118.9010, 9705.3100, 9705.3900; (b) investment gold of at least 995 fineness as cast bars bearing the fineness and the stamp of a recognised assayer-melter, or stamped plates; (c) granules of at least 995 packed and sealed by a recognised assayer-melter; (d) gold in raw form or semi-finished for refining or recovery, and gold waste and scrap; (e) alloys under (d) with 2% or more gold
Primary lawAmount not confirmed
- VAT Act (MWSTG, SR 641.20), Art. 53(1)(m) (import) with Art. 23(2) Ziff. 12

Controls

Banks identify the contracting party and beneficial owner for precious-metals trading and for cash transactions over CHF 15,000 (CDB 20; Form A, Form K).
CHF 15,000 cash
StandardAmount not confirmed
- CDB 20 (SBA), CDB Art. 4(2)(f)-(g), 7, 20-21, 27-28
Melt material imported from abroad for sale in Switzerland needs a formal import declaration; simplified and oral declarations are excluded in principle. A buyer or licensee who accepts melt material that has not been through customs breaches due diligence under the PMCA: fine up to CHF 2,000 per ca…
Official guidance
- BAZG Merkblatt 'Annahme von Schmelzgut aus dem Ausland' (Jan 2024)
Commercial production of melt products (bars, plates, rods, granules made by melting precious metal or melt material) requires a melt licence; acting without it is punishable by a fine (EMKG Art. 48). Every melt product must bear the licence holder's stamp; melt products for resale must be assayed b…
Primary law
- EMKG/PMCA (SR 941.31), Arts. 1(2), 24, 31(1), 32-33, 47, 48
Holders of a melter licence may accept melt material only from persons who can prove lawful acquisition, and must verify the customer's identity by a probative document such as a passport or identity card. Where origin is doubtful or the offer comes from unknown persons, origin must be clarified wit…
Primary law
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 1 (parsed into section sch-2)
  “Der Inhaber einer Schmelzbewilligung darf Schmelzgut nur von Per-”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 2 (parsed into section sch-2)
  “Es muss die Identität des Kunden anhand eines beweiskräftigen Do- kumentes wie Pass oder Identitätskarte überprüfen.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 3 (parsed into section sch-2)
  “Bestehen über die Herkunft der Ware Zweifel oder stammen die An- gebote von Unbekannten, so ist der Inhaber der Schmelzbewilligung verpflichtet, die Herkunft des Schmelzgutes besonders sorgfältig abzu- klären.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168b Abs. 1 (parsed into section sch-2)
  “derlichen organisatorischen Massnahmen, um das Schmelzen von Schmelzgut unrechtmässiger Herkunft zu verhindern.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168b Abs. 2 (parsed into section sch-2)
  “so ist die Ware durch den Inhaber der Schmelzbewilligung bis zur Klärung des Falles in unverändertem Zu- stand aufzubewahren.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168b Abs. 3 (parsed into section sch-2)
  “Schmelzprodukten müssen während zehn Jahren aufbewahrt werden.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168c Abs. 1 (parsed into section sch-2)
  “Der Inhaber einer Schmelzbewilligung muss über seine Ankäufe von Schmelzgut und Schmelzprodukten Buch führen.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168c Abs. 2 Bst. b (parsed into section sch-2)
  “die in Artikel 168a Absatz 2 vorgeschriebenen Identifikations- nachweise;”
- PMCO/EMKV (articles in refs), BAZG Schmelzen und Prüfen (Dec 2023) Ziff. 4.1.6 (restates Art. 168a)
  “Er muss die Identität des Kunden anhand eines beweiskräftigen Dokumentes wie Pass oder Identitätskarte überprüfen und muss sich vor Ausführung des Auftrages den rechtmässigen Erwerb des Schmelzgutes durch den Auftraggeber nachweisen lassen.”
- PMCO/EMKV (articles in refs), BAZG Schmelzen und Prüfen (Dec 2023) Ziff. 4.1.6 (restates Art. 168b Abs. 3)
  “Die Dokumente über den Geschäftsverkehr mit Schmelzgut und Schmelzprodukten müssen während zehn Jahren aufbewahrt werden.”
- PMCO/EMKV (articles in refs), BAZG Richtlinie R-247 (1 Jan 2023) Ziff. 3.3.2
  “Bestehen Zweifel über die Herkunft des Materials oder in Bezug auf die Integrität des Kunden sind Bewilligungsinhaber verpflichtet, den Sachverhalt besonders sorgfältig abzuklären”
Purchase, import, transit and transport of gold (Annex 26) originating in Russia and exported from Russia after 4 Aug 2022, and of gold processed from it in third countries, are prohibited, as are related services (all kinds, including financial services, brokerage and technical assistance) and the …
Primary law
- Ordinance of 4 March 2022 on measures in connection with the situation in Ukraine (SR 946.231.176.72), Art. 14d
Precious metals are 'sensitive goods' in free ports (Customs Ordinance Annex 2, as amended on 18 November 2015): the declarant must declare them electronically on entry into storage, and an electronic inventory record of them is kept per depositor and submitted by the warehouse keeper to customs on …
Primary law
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), AS 2015 4917, ZV Anhang 2 (sensitive goods) as amended
  “Anhang 2 wird wie folgt geändert:”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Anhang 2 Ziff. 5: precious metals ex tariff chapter 71
  “Perlen, Diamanten, Edelsteine, Schmucksteine, Edelmetalle und Edel- metallplattierungen sowie Waren daraus (ex Zolltarifkapitel 71)”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), AS 2015 4917 Ziff. IV: in force
  “Diese Verordnung tritt am 1. Januar 2016 in Kraft.”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 178a Abs. 1: electronic declaration on entry into the free port
  “Die anmeldepflichtige Person muss sensible Waren bei der Einlagerung ins Zoll- freilager elektronisch anmelden.”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 185: inventory record per depositor
  “Die Bestandesaufzeichnung für sensible Waren ist je Einlagererin oder je Einlagerer zu führen.”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 184 Abs. 2: kept electronically
  “Sie muss elektronisch geführt werden.”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 184 Abs. 3bis: warehouse keeper submits it on request
  “Auf Verlangen muss die Lagerhalterin oder der Lagerhalter der EZV die”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), AS 2015 4917, ZV Art. 246a: amendment date
  “Übergangsbestimmungen zur Änderung vom 18. November 2015”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), BAZG R-10-50 (1 Jul 2025) s.1.3.1: export goods count as sensitive goods
  “Ausfuhrwaren gelten als sensible Waren”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), R-10-50 s.4.1: inventory records over all sensitive goods
  “Bestandesaufzeichnungen nach den Grundsätzen der ordnungsgemässen Buchführung”
Cash threshold for dealers in goods (anti-money laundering)
Primary law
- GwG Art. 8a(1)
  “Händlerinnen und Händler nach Artikel 2 Absatz 1 Buchstabe b müssen folgende”
- GwG Art. 8a(1)(a)
  “Identifizierung der Vertragspartei (Art. 3 Abs. 1);”
Cash threshold for dealers in gold (anti-money laundering)
Primary law
- GwG Art. 8a(1)
  “Händlerinnen und Händler nach Artikel 2 Absatz 1 Buchstabe b müssen folgende”
- GwG Art. 8a(1)(a)
  “Identifizierung der Vertragspartei (Art. 3 Abs. 1);”
- GwG Art. 8a(2bis)
  “oder Edelsteinen beträgt die massgebende Schwelle im Sinne von Ab-”
- EMKG Art. 1(1)
  “Edelmetalle im Sinne dieses Gesetzes sind Gold, Silber, Platin und Palladium.”

Leg 3: United States

On the way

21
Screen the supplier and the gold: KYC, OFAC sanctions lists, and confirm the gold is not of Russian Federation origin (unless it was outside Russia before 28 June 2022); apply CAHRA red flags from the 2023 Africa Gold Advisory
Who
Importer of record (bullion bank, trader, refiner or dealer)
Needs
Commercial invoice; Bar list (serials, weights, fineness)
Issues
Importer's supplier KYC and OFAC / Russian-origin screening file
Primary law
- E.O. 14068; OFAC Determination (effective 28 Jun 2022, amended 22 Dec 2023), E.O. 14068 s.1(a)(i); determination under s.1(a)(i)(A), 1(b) and 5; delegation 31 CFR 587.802
22
File entry (CBP Form 3461 or electronic equivalent) with evidence of the right to make entry, commercial invoice and packing list, and the entry summary (CBP Form 7501) classifying the gold under HTSUS 7108 with country of origin; deposit any duty (heading 7108 free except 4.1% on 7108.12.50 and 7108.13.70 for non-preference origins) and the 0.3464% merchandise processing fee; shipments of $2,500 or less may use informal entry
Who
Licensed customs broker
Needs
Importer's supplier KYC and OFAC / Russian-origin screening file; Commercial invoice; Packing list; Air waybill
Issues
CBP Form 3461 entry / immediate delivery (or ACE electronic equivalent); CBP Form 7501 entry summary (HTSUS classification, origin, duties and fees)
Primary law
- 19 CFR 142.3; 19 CFR 143.21; 19 CFR 24.23; HTSUS 7108
23
Review, examine if selected, and release the goods; CBP enforces the Russian-origin gold ban and any withhold release order on gold made with forced labour
Who
US Customs and Border Protection
Needs
CBP Form 3461 entry / immediate delivery (or ACE electronic equivalent)
Issues
CBP release of entered goods (ACE cargo release)
Primary law
- 19 CFR 142.3; E.O. 14068 gold determination; 19 U.S.C. 1307 and 19 CFR 12.42
24
Deliver released gold directly to the refinery or to a COMEX-approved depository (for COMEX, bars must come directly from an approved producer or assayer with certificates, or from another depository)
Who
Secure logistics carrier (armoured / valuables; COMEX-approved carrier where relevant)
Needs
CBP release of entered goods (ACE cargo release)
Issues
Delivery record airport to refinery or depository
Standard
25
Deliver bars into a COMEX-approved depository directly from the approved producer with refiner certificates, from an approved assayer with assay certificates, or from another approved depository
Who
Secure logistics carrier (armoured / valuables; COMEX-approved carrier where relevant)
Needs
Refiner certificate for bars produced (brand, serial, weight, fineness)
Issues
Chain-of-integrity receipt at depository
Standard
26
Inspect and weigh the bars and record them as eligible stock
Who
COMEX-approved depository / bullion vault
Needs
Chain-of-integrity receipt at depository; Bar list (serials, weights, fineness)
Issues
Depository inspection, weight record and eligible-stock entry
Standard
27
Issue an electronic warrant in the name of the clearing member, referencing bar serials and the approved producer; the metal becomes registered (deliverable) stock
Who
COMEX-approved depository / bullion vault
Needs
Depository inspection, weight record and eligible-stock entry
Issues
COMEX gold warrant (electronic UCC Article 7 document of title)
Standard
- COMEX Rulebook; UCC Article 7, Rule 705.A; 113108
28
Report eligible, pledged and registered stocks to the exchange registrar daily by 2:00 p.m.
Who
COMEX-approved depository / bullion vault
Standard
29
Optionally pledge the warrant to CME as collateral (title to CME, first-priority security interest, 15% haircut)
Who
Futures clearing member / bullion bank
Needs
COMEX gold warrant (electronic UCC Article 7 document of title)
Standard
30
Release the bars from the depository (load-out after warrant cancellation if on COMEX warrant) to the carrier
Who
COMEX-approved depository / bullion vault
Needs
Depository inspection, weight record and eligible-stock entry
Standard
31
File EEI in AES for the foreign-origin gold and give the ITN to the carrier (same rules as export; BIS licence for Russia/Belarus)
Who
US principal party in interest (USPPI) / exporter
Issues
EEI/ITN for re-export of foreign-origin gold
Primary law
- Foreign Trade Regulations, 15 CFR 30.2, 30.4

Taxes and fees

Customs duty on gold (HTSUS 7108)
Column 1 general: Free on 7108.11.00 (powder), 7108.12.10 (bullion and dore), 7108.13.10 (gold leaf), 7108.13.55 (rectangular or near-rectangular shapes of 99.5%+ gold marked only with weight, purity or other identifying information), 7108.20.00 (monetary); 4.1% on 7108.12.50 (other unwrought) and 7108.13.70 (other semi-manufactured), Free for special programmes A, AU, BH, CL, CO, D, E, IL, JO, KR, MA, OM, P, PA, PE, S, SG (General Note 3(c)(i): e.g. S = USMCA, PE = Peru TPA, CO = Colombia TPA, AU = Australia FTA, CL = Chile FTA, SG = Singapore FTA, A = GSP, D = AGOA). Column 2: 65% on 7108.12.50 and 7108.13.70, 8% on gold leaf, Free on the others (7108.13.55 footnoted "See 9903.90.08") All imports of gold
Primary lawAmount not confirmed
- HTSUS (Revision 19, 2026), heading 7108
Nevada gold and silver excise tax
0.75% of Nevada gross revenue above $20,000,000 up to $150,000,000 (i.e. $975,000 at $150m) plus 1.1% of the excess over $150,000,000; nothing due if $20,000,000 or less
Official guidanceAmount not confirmed
- NRS 363D (per Department of Taxation form EXC-F029), NRS 363D.160 (as cited by the Department)
IEEPA reciprocal tariff (E.O. 14257) - ended February 2026; gold bullion exempt throughout, other 7108 lines exempt from 8 Sep 2025
10% on all imports from 12:01 a.m. EDT 5 Apr 2025 (E.O. 14257 s.3(a)) plus country-specific rates from 9 Apr 2025 as modified; goods in Annex II excepted 7108.12.10 (bullion and dore) was already in Annex II; E.O. 14346 Annex II (FR 43788-43789) marks 7108.11.00, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70 and 7108.20.00 as "Addition" for goods entered from 12:01 a.m. EDT 8 Sep 2025. Before that, cast kilobars and 100 oz bars classified in 7108.13.5500 paid the additional duty (CBP ruling N351466: "subject to an additional 10 percent ad valorem rate of duty").
Primary lawAmount not confirmed
- E.O. 14257 as modified by E.O. 14346 (IEEPA); ended by E.O. 14389
Additional duty on Russian products (9903.90.08)
35% ad valorem in lieu of column 2 rates Products of Russia in U.S. note 30(b); of heading 7108 only 7108.13.55 is listed. Moot for gold: its import is prohibited (us.ctl-russia-gold-ban)
Primary lawAmount not confirmed
- HTSUS chapter 99, 9903.90.08
Section 122 temporary import surcharge (Proclamation 11012) - gold excepted
10% ad valorem on articles of any country (heading 9903.03.01), in addition to other duties; not applied to the goods listed in U.S. note 2(aa)(ii) (heading 9903.03.03), which include every 7108 subheading: 7108.11.00, 7108.12.10, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70, 7108.20.00 Gold of HTSUS 7108 excepted ("metals used in currency and bullion", Proc. 11012 para. 14(b); Annex I para. 2; Annex II)
Primary lawAmount not confirmed
- Trade Act of 1974 s.122 (19 U.S.C. 2132); Proclamation 11012; HTSUS U.S. note 2(aa), subchapter III, chapter 99, 9903.03.01; 9903.03.03; note 2(aa)(ii)
Section 301 forced-labor tariffs on 60 economies (USTR, from 24 Jul 2026) - gold excluded
Additional 10% or 12.5% ad valorem depending on the economy (headings 9903.05.20-9903.05.84), e.g. Canada 10% (9903.05.29), Mexico 10% (9903.05.55), United Kingdom 10% (9903.05.81), Peru 12.5% (9903.05.63), Colombia 12.5% (9903.05.32), United Arab Emirates 12.5% (9903.05.80), Switzerland: for goods whose column-1 rate is under 12.5%, column-1 rate plus additional duty totalling 12.5% (9903.05.74; note 52(k)); the same top-up method applies to the EU, Japan, South Korea and Taiwan headings; not applied to articles in U.S. note 52(b) (heading 9903.05.86), which lists 7108.11.00, 7108.12.10, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70 and 7108.20.00 All HTSUS 7108 gold excluded; applies to other products of the listed economies
Primary lawAmount not confirmed
- Trade Act of 1974 s.301 (19 U.S.C. 2411); USTR notice FR Doc. 2026-15181; HTSUS U.S. note 52, subchapter III, chapter 99, 9903.05.20-9903.05.84; 9903.05.86; note 52(b)
VAT / sales tax on gold
No federal VAT or import VAT; state sales taxes vary - about 33 states exempt investment bullion or have no sales tax (Mar 2026) Bullion sales to end buyers
Secondary
BLM mining claim fees
$49 location fee and $200 initial maintenance fee per new lode claim, mill site or tunnel site; $200 annual maintenance fee (placer: per 20 acres or portion) due on or before 1 September; processing fees per 43 CFR 3000.12 ($25 per new claim on the BLM page)
Primary lawAmount not confirmed
- 30 U.S.C. 28f; 43 CFR 3830.21, 43 CFR 3830.21(a), (d)
Merchandise processing fee
0.3464% ad valorem on formal entries (19 CFR 24.23(b)(1)(i)(A)); minimum/maximum per entry $33.58/$651.50 for fiscal year 2026 (1 Oct 2025-30 Sep 2026, CBP Dec. 25-10) and $34.58/$670.86 from 1 Oct 2026 (FY2027 notice); base amounts $25/$485 CPI-adjusted; informal entries a flat fee (base $2-$9)
Primary lawAmount not confirmed
- 19 CFR 24.23, 24.23(b)(1)(i), (b)(2)

Controls

Beneficial ownership reporting under the Corporate Transparency Act applies only to a "reporting company" defined as an entity "(A) A corporation, limited liability company, or other entity; (B) Formed under the law of a foreign country; and (C) Registered to do business in any State or tribal juris…
Primary law
- 31 CFR 1010.380, 1010.380(a)(1), (c)(1)(ii)
Any trade or business receiving more than $10,000 in currency in one or related transactions must file Form 8300 within 15 days. There is no cash ceiling, only reporting.
> $10,000 cash
Primary lawAmount not confirmed
- 31 CFR 1010.330; 26 USC 6050I, 1010.330(a)(1)(i)
Gold bullion is not a 'monetary instrument' under the BSA, so the cross-border currency report (CMIR) does not apply to gold carried or shipped across the border; customs entry and EEI are the only declarations.
Primary law
- 31 CFR 1010.340; 31 CFR 1010.100(dd), 1010.340(a); 1010.100(dd)
COMEX gold delivery: one 100 oz bar or three 1 kg bars, weight tolerance 5%, minimum 995 fineness, approved brand from an approved producer complying with LBMA RGG, held in an approved depository reached through the chain of integrity.
Standard
- COMEX Rulebook, 113101; Rules 703.A, 705.A
SEC-reporting issuers that manufacture or contract to manufacture products in which gold is necessary must "conduct in good faith a reasonable country of origin inquiry" (Form SD Item 1.01(a)); if they know or have reason to believe the gold may come from the DRC or an adjoining country and may not …
Primary law
- Dodd-Frank s.1502; Exchange Act Rule 13p-1; Form SD (as adopted 2012), 17 CFR 240.13p-1; Form SD Items 1.01-1.02
Dealers in precious metals (gold of 500+ fineness among covered goods) must keep a written risk-based AML program with compliance officer, training and independent testing; retailers are covered only if they buy over $50,000 from non-dealers.
Purchased > $50,000 and sold > $50,000 of covered goods in the prior year
Primary lawAmount not confirmed
- 31 CFR 1027, 1027.100, 1027.210
HS 710812 and 710813 (non-monetary gold, unwrought other than powder, and semi-manufactured) are listed EAR 'luxury goods': "A license is required to export, reexport, or transfer (in-country) any item subject to the EAR listed in supplement no. 5 to this part to or within Russia or Belarus" (746.8(…
Primary law
- EAR 15 CFR 746.8(a)(7), (b)(3); Supplement No. 5 to Part 746, 746.8(a)(7)
Goods "mined, produced, or manufactured wholly or in part in any foreign country by convict labor or/and forced labor or/and indentured labor under penal sanctions shall not be entitled to entry" (19 U.S.C. 1307). Where information "reasonably but not conclusively indicates" such merchandise is bein…
Primary law
- Tariff Act of 1930 s.307 (19 U.S.C. 1307); 19 CFR 12.42, 19 U.S.C. 1307; 19 CFR 12.42(e)-(h)
US persons may not deal with SDN-listed parties; the 2023 multi-agency Africa Gold Advisory flags Wagner-linked gold from CAR and Sudan and conflict gold from Mali and Burkina Faso, warning of designation and penalties.
Official guidance
- IEEPA-based OFAC programs
Historical (2025 - Feb 2026): E.O. 14257 imposed an additional 10% on all imports from 5 Apr 2025 and country rates from 9 Apr 2025, with Annex II exceptions that from the start included 7108.12.10 (bullion and dore). CBP ruling N351466 (31 Jul 2025) classified cast 1 kg and 100 oz bars from Switzer…
Primary law
- E.O. 14257; E.O. 14346; E.O. 14389; Proclamation 11012; HTSUS U.S. notes 2(aa) and 52
Import into the US of gold of Russian Federation origin is prohibited unless licensed by OFAC; gold of Russian origin located outside Russia before 28 June 2022 is excluded.
Primary law
- E.O. 14068 as amended by E.O. 14114; OFAC Determination (effective 28 Jun 2022, amended 22 Dec 2023), E.O. 14068 s.1(a)(i)(A) (as amended by E.O. 14114 s.3(a)); delegation 31 CFR 587.802

Leg 4: Canada

Where the goods arrive

32
Hold a Business Number with RM import-export program account, registered in the CARM Client Portal (and optional RPP financial security)
Who
Importer of record (doré, scrap or bars for refining)
Official guidance
33
Present the shipment for release: classify doré as 7108.12.00.22 (bars 7108.12.00.11/.21, scrap 7112.91) - all Free under MFN and every preferential tariff; no import permit; gold goods from Russia or a person in Russia (Schedule 9) and precious-metal scrap from Russia (Schedule 13) are prohibited; goods produced wholly or in part by forced labour are prohibited
Who
Licensed customs broker
Needs
Export customs declaration accepted by the dispatching country's customs; Commercial invoice; Air waybill
Issues
Commercial invoice from the foreign shipper
Primary law
Forced-labour prohibition: Customs Tariff item 9897.00.00 (ca.src-tariff-ch98). MFN is not available for goods of Belarus, North Korea or Russia (guide-3).
- Customs Tariff; SEMA (Russia) Regulations, Tariff item 7108.12.00; SEMA (Russia) ss.3.11, 3.16
34
Account for the goods on a Commercial Accounting Declaration (Type C at release, or Type AB within five business days of release under RPP) and pay duties and taxes on the statement of account; imported precious-metal bars are non-taxable for GST, and doré, unwrought gold, scrap and concentrates imported to be refined are non-taxable
Who
Importer of record (doré, scrap or bars for refining)
Needs
Commercial invoice from the foreign shipper
Issues
Commercial Accounting Declaration
Primary law
- Customs Act; Accounting for Imported Goods and Payment of Duties Regulations; Excise Tax Act; Non-Taxable Imported Goods (GST/HST) Regulations, Customs Act s.32; SOR/86-1062 s.10; ETA Sched VII s.8; SOR/91-31 s.3(a), (b)
35
Keep import records for 6 years; self-correct within 90 days; CBSA may verify origin, value and classification for 4 years
Who
Importer of record (doré, scrap or bars for refining)
Needs
Commercial Accounting Declaration
Official guidance
90-day correction duty read in Customs Act s.32.2(2); six-year retention and four-year verification from CBSA guide-7 and D17-1-21 (the regulation fixing the period was not read).
36
Optionally hold refined bars in allocated (segregated, identified bars) or unallocated storage at the Royal Canadian Mint vaults in Ottawa or Winnipeg (institutional clients only), with semi-annual counts
Who
Royal Canadian Mint (federal Crown corporation: refinery and vault)
Needs
Bar list of refined bars (GD 400 oz, 100 oz, kilobars)
Issues
Allocated weight list / unallocated account statement
Official guidance
37
Buy refined bars from the refiner (zero-rated first supply) or from another holder (exempt resale); non-qualifying forms (granules, below 99.5%) are taxable
Who
Bullion dealer (dealer in precious metals and precious stones)
Needs
Bar list of refined bars (GD 400 oz, 100 oz, kilobars)
Issues
Invoice for sale of refined bars (zero-rated first supply by the refiner / exempt resale)
Primary law
- Excise Tax Act, s.123(1); Sched VI Part IX s.3
38
Identify the counterparty and keep the $10,000+ record; report cash of $10,000+ (LCTR), virtual currency (LVCTR), suspicious or sanctions-evasion activity
Who
Bullion dealer (dealer in precious metals and precious stones)
Issues
Record of $10,000+ purchase or sale and client identification; Large cash transaction report; Large virtual currency transaction report; Suspicious transaction report
Primary law
- PCMLTF Regulations, ss.65, 66, 126, 148
39
Settle by bank wire or by transfer between metal accounts (e.g. at the Royal Canadian Mint); no foreign-exchange surrender or repatriation step
Who
Canadian bank (bullion desk / payments)
Issues
Settlement confirmation / metal-account transfer
Industry practice
Absence of exchange control is background knowledge; no official statement was read.

Taxes and fees

GST on imported precious metal
Non-taxable Imported precious metals under any circumstances (SOR/91-31 s.3(a)); unwrought gold, waste and scrap and gold concentrates imported to be refined into precious metals (s.3(b))
Primary law
- Excise Tax Act; Non-Taxable Imported Goods (GST/HST) Regulations, ETA Sched VII s.8; SOR/91-31 s.3(a), (b)
GST/HST on 'precious metal' (gold bars, ingots, coins, wafers of 99.5%+)
Zero-rated when supplied by the refiner or the person on whose behalf it was refined (Sched VI Part IX s.3); otherwise exempt as a financial service (Sched V Part VII s.1); supplies by a financial institution to a non-resident zero-rated (Sched VI Part IX s.1) ref.ms-gd400, ref.ms-9999 bars; not doré, granules or jewellery
Primary lawAmount not confirmed
- Excise Tax Act, s.123(1); Sched V Part VII s.1; Sched VI Part IX ss.1, 3
GST/HST on doré and other non-qualifying gold
5% GST (s.165(1)), or HST in participating provinces; exports zero-rated where Sched VI Part V s.1 applies Doré, granules, scrap sold domestically; refining fees charged to metal owners
Primary lawAmount not confirmed
- Excise Tax Act, s.165(1), (2); Sched VI Part V s.1
Customs duty on gold (7108) and gold scrap (7112.91)
Free (MFN and every applicable preferential tariff, incl. UST, CPTPT, UKT) Doré, bullion, powder, semi-manufactures, monetary gold, gold scrap
Primary lawAmount not confirmed
- Customs Tariff, 7108.11-7108.20, 7112.91

Controls

S.C. 2026, c. 4 (Bill C-12, royal assent 26 Mar 2026) amended the PCMLTFA and the AMP Regulations: penalty ranges per violation $1 to $40,000 (minor), $1 to $4,000,000 (serious) and $1 to $20,000,000 (very serious) (AMP Regulations s.5, as amended by s.118), subject to the Act's maxima of $4,000,000…
Primary law
- PCMLTFA and PCMLTF AMP Regulations as amended by S.C. 2026, c. 4, Act ss.9.6(1.1), 73.1; SOR/2007-292 s.5
CBSA officers may enter premises where goods destined for export are reported, loaded or stored and examine them (Customs Act ss.97.01-97.02, added by S.C. 2026, c. 4, Part 1).
Primary law
- Customs Act, ss.97.01, 97.02
Extractive entities (listed in Canada, or meeting two of $20m assets, $40m revenue, 250 employees) must report and publish payments of $100,000 or more per category per payee to governments in Canada and abroad within 150 days after year end; keep records 7 years; fine up to $250,000 (ESTMA ss.8, 9,…
Primary law
- Extractive Sector Transparency Measures Act, ss.8, 9, 13, 24
A DPMS receiving $10,000 or more in cash in a single transaction must file a large cash transaction report (unless from a financial entity or public body); amounts received within 24 consecutive hours from or for the same person are aggregated.
$10,000 cash
Primary lawAmount not confirmed
- PCMLTF Regulations, ss.66, 126
No exchange control or export-proceeds repatriation requirement identified.
Unverified
Since 2025 the Ontario Minister may suspend MLAS access, prohibit or terminate prospector's licences, deny leases and (with Lieutenant Governor in Council approval) cancel claims or terminate leases for the protection of the strategic national mineral supply chain.
Primary law
- Ontario Mining Act, ss.4.1(8)-(14), 26.1, 81(1.1), 176.1
No legal cap on cash payments for gold is in force. Bill C-2 (Strong Borders Act, first reading 3 Jun 2025) Part 11 would add PCMLTFA s.77.5 making it an offence for a person or entity engaged in a business to accept a cash payment, donation or deposit of $10,000 or more (single or prescribed relate…
$10,000 (proposed)
Primary lawAmount not confirmed
- Bill C-2 (not enacted), proposed PCMLTFA s.77.5
Travellers must declare currency or monetary instruments of CAN$10,000 or more; gold bullion is not a monetary instrument and moves as goods through customs.
CAN$10,000
Primary lawAmount not confirmed
- Cross-border Currency and Monetary Instruments Reporting Regulations, ss.1, 2
Dealers in precious metals and precious stones are PCMLTFA reporting entities for purchases or sales of $10,000 or more (compliance program, KYC, beneficial ownership, PEPs, records kept at least five years, STR, LCTR, LVCTR, listed-person property and sanctions-evasion reports). Excluded: purchases…
$10,000 per purchase or sale
Primary lawAmount not confirmed
- PCMLTF Regulations, ss.1(2), 65, 148
Export reporting (not licensing): non-monetary gold must be declared through CERS/G7 EDI when worth CAD 2,000+ and going anywhere but the US; exports to the US of non-restricted goods are exempt.
CAD 2,000; US destinations exempt
Primary lawAmount not confirmed
- Customs Act s.95; Reporting of Exported Goods Regulations, REGR ss.3, 6(b), 7
Tariff item 9897.00.00 prohibits importation of "Goods manufactured or produced wholly or in part by prison labour" and "Goods mined, manufactured or produced wholly or in part by forced labour or child labour as those terms are defined in section 2 of the Fighting Against Forced Labour and Child La…
Primary law
- Customs Tariff, Schedule, tariff item 9897.00.00
Canada hosts three LBMA Good Delivery gold refiners: Royal Canadian Mint (Ottawa, listed ~1919), CCR Refinery - Glencore Canada Corporation (Montreal East, ~1956) and Asahi Refining Canada Limited (Brampton, 15/06/1961). Output is accepted in London; Asahi and the Mint also state COMEX acceptance.
Standard
Gold is not on the Export Control List: no export permit, licence or state approval is required to export gold, and no state buyer or export monopoly exists.
Primary law
- Export and Import Permits Act; Export Control List, EIPA s.13; SOR/89-202
Every Ontario patent, lease or other disposition of lands, claims or mining rights is subject to the condition that "all ores or minerals raised or removed therefrom shall be treated and refined in Canada so as to yield refined metal or other product suitable for direct use in the arts without furth…
Primary law
- Ontario Mining Act, s.91
No person in Canada or Canadian abroad may export, sell, supply or ship unwrought (710812) or semi-manufactured (710813) gold, wherever situated, to Russia or to any person in Russia (Schedule 6 Part 1 items 176-177; also jewellery and other listed articles). Exception: personal effects.
Primary law
- Special Economic Measures (Russia) Regulations, s.3.08, Schedule 6 Part 1 items 176-177
Persons in Canada and Canadians abroad may not import, purchase or acquire any Schedule 9 good from Russia or from any person in Russia: gold powder (710811), other unwrought (710812), semi-manufactured (710813), monetary gold (710820), jewellery (711319) and goldsmiths' wares (711419) of precious m…
Primary law
- Special Economic Measures (Russia) Regulations, s.3.11, Schedule 9
No person in Canada or Canadian abroad may import, purchase or acquire Schedule 13 goods, wherever situated, from Russia or a person in Russia; Schedule 13 item 137 is heading 7112 (waste and scrap of precious metal). Added by SOR/2025-143.
Primary law
- Special Economic Measures (Russia) Regulations, s.3.16, Schedule 13 item 137
Entities producing, selling or distributing goods, or importing goods, that are listed in Canada or meet two of $20m assets, $40m revenue, 250 employees must report to the Minister by May 31 each year on steps taken to prevent forced and child labour in their supply chains (S.C. 2023, c. 9, ss.2, 9,…
Primary law
- Fighting Against Forced Labour and Child Labour in Supply Chains Act, ss.9, 11

Leg 5: Brazil

Back in the origin country: the proceeds of the export

40
Receive the foreign buyer's payment; the exporter may keep the foreign currency abroad or convert it through an FX contract
Who
Authorised institution exporting gold as a financial asset / exchange instrument
Issues
Foreign buyer's payment of export proceeds
Primary law
- Lei 11.371/2006 art. 1 as reworded by Lei 14.286/2021 art. 26; Resolução BCB 277/2022, Lei 14.286 art. 26; Res. 277 art. 46

Crossings between countries

Brazil → Switzerland Researched
Papers that cross: NF-e Ouro - remittance note (PCO to head office/refinery); Domestic refiner's bar list / certificate; DU-E for doré exported as merchandise; Air waybill
Switzerland → United States Researched
Papers that cross: Electronic customs import declaration (commercial import; simplified and oral declarations excluded for melt material); Refiner outturn/assay report (Switzerland); Purchase book: customer, ID proof, acceptance date, description and marking, weight on acceptance, weight after melting, completion; Bar list (serials, weights, fineness); Passar export declaration (HS 7108); Veranlagungsverfuegung Ausfuhr; Air waybill (outbound)
United States → Canada Not researched
Papers that cross: CBP Form 3461 entry / immediate delivery (or ACE electronic equivalent); CBP Form 7501 entry summary (HTSUS classification, origin, duties and fees); CBP release of entered goods (ACE cargo release); Delivery record airport to refinery or depository; Chain-of-integrity receipt at depository; Depository inspection, weight record and eligible-stock entry; EEI/ITN for re-export of foreign-origin gold