Tax Policy
Tax Policy
Tax Policy
Diomandz.com Tax Policy
Diomandz.com operates as a broker between buyers and suppliers. Orders are forwarded directly to suppliers, who manage shipping and delivery. As a result, the supplier’s country tax policies determine the applicable taxes. Below is a detailed, point-by-point policy to clarify the tax and payment structures.
1. Nature of Operations
Diomandz.com functions as a commission-based broker.
No products are held in inventory; orders are directly forwarded to suppliers.
Suppliers are responsible for delivery and handling.
2. Supplier-Centric Fulfillment
Suppliers are the primary sellers and bear all tax-related obligations.
Diomandz.com is not involved in the physical movement of goods or taxation at the supplier’s end.
3. Applicable Tax Jurisdiction
Taxes depend on the supplier's country.
Buyers benefit from supplier tax policies, especially in tax-friendly regions.
4. Free Trade Zones and Tax Benefits
Most suppliers are located in free trade zones, where exports often attract zero or minimal taxes.
Key supplier countries include:
India
Belgium
Israel
Hong Kong
5. India’s Export Tax Rules
Exports from India, such as diamonds, are typically GST-exempt.
Goods sold internationally are classified as exports, attracting no additional sales tax.
6. Belgium’s VAT Rules
Belgium offers VAT exemptions or reductions for diamond exports.
Transactions within the EU follow special VAT rules, but exports to non-EU countries attract no VAT.
7. Israel’s Diamond Exchange Policies
The Israeli diamond industry operates in a tax-efficient environment.
Exports from Israel’s diamond exchange benefit from VAT exemptions.
8. Hong Kong’s Tax-Free Regime
No import duties or VAT are levied on diamonds in Hong Kong.
This tax-free policy makes Hong Kong a favored destination for global diamond trade.
9. Import Duties for Buyers
Buyers are responsible for import taxes and duties in their own country.
Diomandz.com does not manage or collect any import fees on behalf of buyers.
10. Payment Options
We support multiple secure payment methods:
Bitcoin (BTC)
PayPal
Other options, such as bank transfers or crypto wallets (as arranged with suppliers).
11. Bitcoin Payments and Tax Implications
Bitcoin (BTC) offers decentralized, fee-free cross-border transactions.
Buyers are advised to consult local tax authorities for any Bitcoin-related tax obligations.
Bitcoin transactions are final and traceable, ensuring security.
12. Commission Income for Diomandz.com
Diomandz.com earns commission from suppliers for brokering deals.
These commissions are reported as income and taxed according to the platform’s local jurisdiction.
13. Cross-Border Payment Management
Payments flow directly between buyers and suppliers, minimizing tax complications.
Diomandz.com ensures that no withholding taxes are applied to these cross-border transactions.
14. Tax Compliance for Suppliers
Suppliers are expected to comply with local tax laws in their jurisdiction.
Buyers are encouraged to verify the supplier’s tax documentation when necessary.
15. Anti-Money Laundering (AML) Compliance
Bitcoin and PayPal payments are monitored to comply with AML regulations.
Diomandz.com ensures that all transactions align with global financial regulations.
16. Customer Responsibility for Local Taxes
Buyers must consult local authorities regarding any tax liabilities related to the goods they receive.
If Bitcoin is used, buyers are responsible for declaring payments if required by their local tax codes.
Conclusion
Diomandz.com leverages global free trade zones to provide a tax-efficient platform. The supplier’s country tax policies apply to all transactions. By offering Bitcoin, PayPal, and other payment options, Diomandz.com ensures a seamless buying experience. Buyers are reminded to check import duties in their own jurisdictions and consult local authorities for any tax-related inquiries.