- UAE updates VAT regulations for gold and diamond trade
- VAT-registered businesses no longer need to charge VAT to other VAT-registered customers
- Responsibility for reporting VAT shifts to the buyer through reverse charge mechanism
- Aim is to enhance UAE’s position as global hub for gold and diamond trading
- Standard VAT rate in UAE remains at 5%
- Specific exemptions for investment-grade gold with purity of 99% or higher
- Changes part of UAE’s strategy to diversify economy and strengthen role in global precious metals market
- Goal is to create business-friendly environment to encourage investment and trade in gold and diamond sectors
Source: arabtimesonline.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "United Arab Emirates"
- UAE Announces Penalties for Non-Compliance with Mandatory E-Invoicing Starting July 2026
- UAE Amends VAT Law for 2026: Streamlined Compliance, Refund Limits, and Stronger Anti-Evasion Measures
- UAE Amends VAT Law to Enhance Transparency, Efficiency, and Strengthen Tax Compliance from 2026
- UAE to Amend VAT Rules from January 2026 to Simplify Tax Procedures and Boost Compliance
- UAE to Launch Mandatory Peppol E-Invoicing and E-Reporting for B2B/B2G from 2027
