Imagine everything looks normal.Your physical silver, rare earths and technology metals are securely stored. Perhaps in a German bonded warehouse. Everything looks orderly, protected and sensible. But this is exactly where a new mistake can begin. Physical security alone is no longer enough if the tax efficiency suddenly disappears. On 9 April 2026, the German Federal Ministry of Finance clarified the application of the VAT exemption under Section 4 No. 4b of the German VAT A