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Comment by walshemj | Hacker News Reader

Ah interesting so Norway doesn't follow the same rules on VAT from the EU then as they are part of the European Economic Area.

What is to stop a Norwegian going to an EU state and buying gold there as the EU treats investments such as gold and stocks and shares as exempt from VAT (sales tax)

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This is a common problem. When the gold crosses the border it becomes 25% more worth.

Just in March this year someone was arrested for smuggling in 421 kilo of gold: http://www.aftenposten.no/nyheter/iriks/Politiet-Nettverk-sm... (in Norwegian).

I guess one could also melt gold coins to obtain the gold without paying vat.

For those (like me) who were confused, mars = March.

Thank you. Fixed now :)

coins dont attract VAT - thats why they have a face value

You'd have to smuggle it into the country. If you want it to be done legally, you'd have to declare it and pay VAT.

You could of course buy the gold from a bank in the EU, and leave it there (in a safety deposit box or something).

I don't know what the legal (tax) status of that gold would be (Norway has a modest tax on savings/holdings (1.1% for a total net worth above ~142.000 USD) -- so as a private citizen you might have to pay tax on that -- or, where you're keeping it if tax is applicable there)).

As others have mentioned if you want to import it legally, you'd have to pay VAT.

These rules are fairly new, the UK used to tax gold too. Presumably there would be a tax on reimport to Norway if you bought in EU.

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