- 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.
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