GTL Summary:

Article 35 of the GCC Common VAT Agreement specifies the tax treatment for investment-grade precious metals. It defines investment gold, silver, or platinum as metal with a purity level of at least 99% that is also tradable on the Global Bullion Exchange. The supply of these qualifying investment metals is subject to the zero-rate of VAT. This provision ensures that such supplies do not incur a final tax liability while allowing for the recovery of input tax. Furthermore, the Article explicitly states that the first supply of gold, silver, and platinum immediately following their extraction is also zero-rated.