New eBay Item Specifics For Coins & Bullion In Canada
eBay Canada has announced sellers will be required to use new item specifics for Fineness and Composition in Coins and Bullion categories, effective immediately.
Based on feedback from sellers, eBay Canada has rolled out new additional item specifics for listings in the Coins and Bullion categories.
These two new item specifics, Fineness and Composition, are necessary to help determine the appropriate tax required on transactions in these categories.
Sellers with listings in these categories are encouraged to review their active listings and add these item specifics. With this information, eBay is able to accurately apply the appropriate taxability rules for each transaction, ensuring a more seamless transaction experience for buyers and sellers.
eBay offers a number of bulk edit tools, enabling you to review and update item specifics on your listings. Visit the Seller Centre to learn more about ways to quickly add item specifics to your active listings.
This new item specifics requirement is being implemented to address tax issues in this categories that were raised last year with some Canadian sellers claiming eBay was illegibly collecting tax on bullion and precious metals.
Liz Morton ~ Founder
eBay acknowledged the error was due to limitations in their third party tax calculation software and promised they would handle any over or under collected tax issues for these items.
We know that the Bullions category should be exempted from being taxed and we apologize for this technical error for those of you who were taxed.
eBay will refund the buyer any tax over-collected and will be responsible for any tax under-collected. eBay is utilizing third party software and taxability rules to ensure the proper tax treatment of all items listed on the site.
Canadian sellers in these categories will want to make sure they update their listings with the new item specifics as soon as possible, as it's a good bet in the future eBay will shift the responsibility for whether the tax is calculated correctly to whether or not the seller provided the proper item specifics to do so.
