Sold bank gold or silver: is it needed to pay taxes?

Press service of the State Tax Service of Ukraine, published 11 September 2026 at 11:11 Chapter: News

Purchased gold, silver or other bank metal from a bank and later decided to sell it? Income from such sale is not subject to the personal income tax and military levy.

Banking metals are currency values. These particularly include  gold, silver, platinum and platinum group metals, refined to the highest standards in ingots and powders and having a quality certificate, as well as coins made from precious metals.

Tax Code of Ukraine provides that income from transactions with currency values, which include bank metals, is not included in the total monthly or annual taxable income of individual. Therefore, income from sale of bank metals purchased from a bank by individual is not subject to the personal income tax.

What about the military levy?

Military levy is also not paid. Income that, according to the Tax Code, is not included in the total taxable income of individual is also exempted from military levy, except for certain cases directly defined by the Code.

Is it needed to submit declaration?

If during a year individual received only income from sale of banking metals, it is not needed to submit annual property status and income declaration. At the same time, if individual is obliged to submit declaration for other reasons, for example, due to receiving foreign income or income from transactions with investment assets – in such declaration, along with other income, it is needed to indicate income from sale of banking metals.

Important: these rules apply specifically to banking metals. Jewelry and household items made of gold, silver or other precious metals should not be automatically equated to banking metals solely because of material from which they are made.

Therefore, if individual sells banking metals purchased from a bank, personal income tax and military levy are not paid on such income, and it is not necessary to submit declaration solely because of such sale.