DAMMAM — The Federation of GCC Chambers Project (FGCCC) has forwarded recommendations and baseline study findings to the General Secretariat of the Gulf Cooperation Council (GCC) calling for reviewing the introduction of the value-added tax (VAT) on jewelry, gold, precious and semi-precious stones industry including pearls.

"The study provided to the GCC addressed the impact of VAT on gold and jewelry sectors," said an official at the FGCCC to Al-Eqtisadiah local daily. He also mentioned that the study has indicated that gold ore represents the "capital" and not a personal good or stock, as they are quantities belonging to wholesalers, retailers, individuals, and gold factories.

Therefore, imposing tax either on all or part of the value will represent a loss in the income of the value-capital 'gold ore" and an overrun in the concept of private property.