Sales Tax Law:
According to the § 44-18-30, there is a sales tax exemption “from the sale and from the storage, use, or other consumption in this state of precious metal bullion.”
“Precious metal bullion” is defined as any elementary precious metal that has been put through a process of smelting or refining, including, but not limited to, gold, silver, platinum, rhodium, and chromium, and that is in a state or condition that its value depends upon its content and not upon its form.
NPMEX is required to collect tax on some items shipping to Rhode Island, however sales tax will not be charged for Gold, Silver, Platinum, or Palladium bullion items as they are exempt from sales tax when shipping to a Rhode Island address.
The State of Rhode Island requires the collection of taxes on certain products sold by NPMAX and delivered to a Rhode Island address. These taxes must be collected on (1) copper products; (2) bullion products that are not melted or refined; (3) accessory items; and (4) processed items. All other products
sold by NPMEX are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Rhode Island:
- Bullion: Precious metal that is valued solely upon its precious metal content, whether in coin or ingot form.
- Accessory Items: Items such as holders, tubes or coin flips.
- Processed Items: Precious Metals that have been processed by third parties into items valued on more than their Precious Metal content, such as jewelry, statues or colorized coins.
Sales taxes in Rhode Island are calculated at checkout on the NPMEX website based on
(1) the taxability of products sold by NPMEX in Rhode Island set forth above, and
(2) the specific tax rates established by the taxing jurisdiction of the delivery address in Rhode Island.
Capital Gains Tax:
Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
Please Note: The above is not a comprehensive description of sales tax laws and requirements in the state of Rhode Island. it is only intended to provide the reader with a brief overview of those sales tax laws and requirements currently in effect in the state of Rhode Island that relate to the reader’s transactions with NPMEX. if you would like to research the sales tax laws and requirements in the state of Rhode Island, we suggest you visit the Rhode Island department of revenue located at http://www.tax.ri.gov/.
Buying Gold and Silver in Rhode Island
Buying precious metals from online dealer NPMEX has some major advantages. Though NPMEX is physically located in Erie Colorado, we ship all over the United States, every day.
NPMEX offers a huge selection of coin and bullion products for Rhode Island residents to choose from. Buyers can shop by metal type or by form such as coin, round or bar. In addition to potential cost savings, shopping online at NPMEX is convenient and can be done from the comfort of your own home or office. Simply pick the coin or bullion products you want to buy, complete the simple checkout process, and your metals will be quickly shipped to your home or other destination of choice. Your precious metals purchases are fully insured and tracked while in transit.
Benefits to buying gold & silver online at NPMEX.COM:
- Gold and silver shipped directly to your door
- Lower prices than most physical coin stores
- Wide selection
- 24/7 online ordering 365 days a year
- Friendly & knowledgeable customer service
Because online precious metals dealer NPMEX may have lower overhead than brick and mortar coin shops, we are be able to pass savings on to our customers. NPMEX offers some of the lowest prices available for precious metals.
NPMEX is proud to serve the residents of Rhode Island, and offers a great value and buying experience.