Export of Gold from Brazil
Brazil is among the 20 largest gold producers in the world and among those who have the largest reserves of gold. Therewith it is also one of the main exporters of this precious metal. In this article you will learn how to export gold from Brazil.
Gold Export Procedures
The Foreign Trade Secretariat, known as SECEX, is the agency responsible for regulating exports of gold, which requires special procedures to be exported from Brazil.
The document required for gold exportation is the Nota Fiscal, a document issued by the exporting company, containing on all copies a standardized stamp, which must also contain:
- The carrier name
- Bill of lading number
- The country of destination
- The full name of the foreign currency used for trading. Example: US Dollars
- The total value of the transaction in foreign currency
- The total value of the invoice equivalent in BRL
After being stamped, the purchaser must submit the Nota Fiscal to the customs supervision, when requested. The exporter must request the Export Registration from Siscomex, based on the sales turnover.
Each Export Registration can support more than one shipment, as long as all the shipments are intended for the same country. The Export Registration can only cover operations with payments in cash, cheque, traveller's cheque or with a credit card.
Carry on luggage
The Export Registration for carry on luggage is restricted to companies that participate in the Integrated Sector Program for the precious metals sector or any sector program for the promotion of exports of precious metals.
Exporters must apply for an export license from the Federal Revenue submitting the following documents:
- Statement that the exporter is part of the export promotion program
- List of the individuals who may carry exported goods indicating the CPF and the relationship between the individual and the exporting company
- Description of the types of goods exported regularly by the company and identification of their manufacturers, indicating the company name and CNPJ
- Leaflets, trade catalogues, website and web address, in the case of exporting jewelry
- Information about the export values and the expected sales of the next twelve months
- Fax number and email address where the Federal Revenue can contact the company
Customs clearance of goods will be processed based on the Declaration to Customs Clearance Export, registered with Siscomex in the Federal Revenue unit where the company issued the export license. To apply for customs clearance it is necessary to submit the Nota Fiscal and two copies. This application must contain:
- The total amount of the invoice, or Nota Fiscal
- The name and CPF of the individual that is carrying the goods
- Proof of return travel
- Copy of the ticket to be used for the exporting trip
The gold that is to be exported and the Declaration to Customs Clearance Export documents must be presented by the exporter at the Federal Revenue Service unit responsible for the respective customs clearance. It must be done at least twenty-four hours before the trip.
Tax
The IOF, which is a tax levied on financial operations, is charged on the purchase and sale of gold. This operation has the intervention of an institution of the Sistema Financeiro Nacional, which is Portuguese for National Financial System, in the manner and conditions approved by the Central Bank of Brazil.
In the case of gold coming from abroad, the purchase price in the national currency will be determined based on the domestic market value on the day of customs clearance. The IOF rate is 1% of the purchase price.