VAT on Gold in Brazil
Investment gold pays only the 1% IOF-Ouro on its first acquisition (Law 7,766/1989), which is built into the price. State ICMS (18% in São Paulo, charged on the tax-inclusive price) plus 12% IPI and PIS/COFINS; the total tax load is roughly 34–50% of the pre-tax price. Today 10 grams of 24K gold cost R$6,727 at the world price and about R$6,794 with tax and duty.
Rules checked 26 October 2026 · Prices Oct 30, 2026, 21:55 UTC · Not tax advice
Gold in Brazil today, with tax
BRL · Oct 30, 2026, 21:55 UTC| Weight | World price, 24K gold | Bar or coin, with tax and duty | 18K jewellery metal, with tax |
|---|---|---|---|
| 1 gram | R$672.71 | R$679.44 | — |
| 10 grams | R$6,727 | R$6,794 | — |
| 1 ounce | R$20,924 | R$21,133 | — |
| 100 grams | R$67,271 | R$67,944 | — |
| 250 grams (B3 lot) | R$168,177 | R$169,859 | — |
The rules in Brazil
| What you buy | Tax | Details |
|---|---|---|
| Bars and bullion coins | 1% | Investment gold pays only the 1% IOF-Ouro on its first acquisition (Law 7,766/1989), which is built into the price. Applies to gold classed as 'ouro ativo financeiro' (bars and B3 gold traded through Banco Central-authorised institutions, mainly DTVMs). Constitution art. 153 §5 and Law 7,766 art. 4 make this IOF the only tax; later trades of the same gold pay no further IOF. The 2023 reform has not changed this: LC 214/2025 art. 9, VII makes gold defined by law as a financial asset immune from the new CBS and IBS. Gold sold as merchandise, outside the financial-asset channel, pays ordinary consumption taxes instead. Gains on resale are subject to income tax, which is not part of the purchase price. |
| Jewellery | several taxes | State ICMS (18% in São Paulo, charged on the tax-inclusive price) plus 12% IPI and PIS/COFINS; the total tax load is roughly 34–50% of the pre-tax price. Charged on: tax-inclusive final price: ICMS is calculated 'por dentro', so 18% of the final price equals about 22% added to the pre-tax price. |
| Import duty | 0% | No import duty is built into local bullion prices: investment gold follows the international price converted into reais. Imported gold jewellery (NCM 7113.19.00) pays 16.2% import tax plus import PIS/COFINS, which affects imported pieces but not the metal value of locally made jewellery. |
| Tourist refund | No | No tourist tax refund operates in Brazil in October 2026. Rio de Janeiro has regulated an ICMS refund for foreign tourists (Decree 49,841/2025), and jewellery was named among eligible goods, but bids from operators are due only on 2 December 2026 and there is no start date. A national refund of the new CBS/IBS is not expected before 2027. |
Compared with nearby countries
| Country | Bars and coins | Jewellery | Import duty |
|---|---|---|---|
| Brazil | 1% | several taxes | none |
| United States | 0% (0–10.55%) | 7.53% (0–about 12%) | none |
| Canada | 0% | 13% (5–15%) | none |
| Mexico | 0% | 16% | none |
| Colombia | 19% | 19% | none |
| Peru | 0% | 18% | none |
VAT on Gold in Brazil: FAQ
Is there VAT on gold in Brazil?
Investment gold pays only the 1% IOF-Ouro on its first acquisition (Law 7,766/1989), which is built into the price. State ICMS (18% in São Paulo, charged on the tax-inclusive price) plus 12% IPI and PIS/COFINS; the total tax load is roughly 34–50% of the pre-tax price.
Do you pay VAT on gold bars and coins in Brazil?
Investment gold pays only the 1% IOF-Ouro on its first acquisition (Law 7,766/1989), which is built into the price. Applies to gold classed as 'ouro ativo financeiro' (bars and B3 gold traded through Banco Central-authorised institutions, mainly DTVMs). Constitution art. 153 §5 and Law 7,766 art. 4 make this IOF the only tax; later trades of the same gold pay no further IOF. The 2023 reform has not changed this: LC 214/2025 art. 9, VII makes gold defined by law as a financial asset immune from the new CBS and IBS. Gold sold as merchandise, outside the financial-asset channel, pays ordinary consumption taxes instead. Gains on resale are subject to income tax, which is not part of the purchase price.
Is there import duty on gold in Brazil?
No import duty is built into local bullion prices: investment gold follows the international price converted into reais. Imported gold jewellery (NCM 7113.19.00) pays 16.2% import tax plus import PIS/COFINS, which affects imported pieces but not the metal value of locally made jewellery.
Can tourists claim back the VAT on gold in Brazil?
No. No tourist tax refund operates in Brazil in October 2026. Rio de Janeiro has regulated an ICMS refund for foreign tourists (Decree 49,841/2025), and jewellery was named among eligible goods, but bids from operators are due only on 2 December 2026 and there is no start date. A national refund of the new CBS/IBS is not expected before 2027.
Sources (9)
- Law 7,766/1989: gold as a financial asset, IOF 1% on first acquisition (Planalto) (1989-05-11)
- LC 214/2025 art. 9: IBS/CBS immunity for gold as a financial asset (LegJur text) (2025-01-16)
- Buscador NCM: cClassTrib 410011, gold as a financial asset (Receita Federal open data) (2026)
- Decree 4,494/2002 art. 38: IOF on gold, first acquisition (LegJur, since revoked and replaced by Decree 6,306/2007) (2002-12-03)
- Buscador NCM: 7113.19.00 (IPI 12%, II 16.2%, PIS/COFINS, IBS/CBS 2026) (2026-10-19)
- PwC Worldwide Tax Summaries: Brazil, other taxes (ICMS 17-20%, São Paulo 18%, IPI, PIS/COFINS) (2026-09-23)
- IBPT survey via IstoÉ Dinheiro: jewellery tax burden 50.44% of price (2023-06-10)
- TAGD Law: Rio de Janeiro opens tender for tourist ICMS tax-free operator (2026-10-07)
- Jovem Pan: Rio de Janeiro launches tax-free programme for tourists (jewellery included) (2025-09-11)
Related
General information on the tax a private buyer pays, checked 26 October 2026. Rules change; check with the seller, the tax authority or an adviser. Not tax advice.