Deirdre Clune (Cork South Central, Fine Gael)
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Question 101: To ask the Minister for Finance the VAT implications for a new company that will sell silver coins; if silver coins are exempt from VAT or if the standard rate of VAT applies when sold to collectors or investors; if the Central Bank sells silver coins and if VAT applies to these sales; and if so, the rate of same; if VAT applies to Irish collector coins; if so the rate of same; if VAT applies to antique coins; if so the rate of same; and if he will make a statement on the matter. [25941/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am advised by the Revenue Commissioners that the only circumstances in which the supply of silver coins is exempt from VAT is where they are supplied for use as legal tender in any country. This is provided for in paragraph 6(1)(d) of Schedule 1 to the VAT Act 1972 (as amended).

The sale of silver coins, in general, is liable to VAT at the standard rate of 21%. The reduced rate of VAT of 13.5% may apply where the silver coins are supplied as collectors' items or antiques as defined in paragraphs (ii)(b) and (iii) of Schedule 5 to the VAT Act 1972 (as amended). The new company should contact their local Revenue Office for advice on the appropriate VAT rates to apply.