Search this guide Print Page Print Guide Guide Menu Back to Sales Tax Fact Sheets and Industry Guides Financial Institutions Industry Guide Taxable Sales Nontaxable Sales Federal Financial Institution Exemption Taxable Purchases and Use Tax Filing Returns and Record-Keeping Legal References and Resources field_block:node:guide:title Nontaxable Sales field_block:node:guide:body This section describes the nontaxable sales for financial institutions. field_block:node:guide:field_paragraph Safe Deposit Box Rental [+] The rental of a safe deposit box is a rental of real property and not subject to Minnesota Sales or Use Tax. The bank or other financial institutions must pay sales tax on all purchases to maintain the system. Bullion Sales [+] Sales of precious metal bullion are exempt from sales tax. Precious metal bullion is a bar or round at least 99.9% (by weight) of the following metals: Gold Silver Platinum Palladium The bars or rounds must be marked with weight, purity, and content to qualify for the exemption. Note: This exemption does not apply to sales of coins, jewelry, works of art, and scrap metal.