UAE introduces new VAT rules for gold and diamond traders under ‘reverse charge mechanism’

• New UAE VAT rules for gold and diamond traders announced
• Precious metals and stones now covered under Ministry of Finance’s ‘reverse charge mechanism’
• Buyers responsible for calculating and declaring VAT on purchases
• Scope includes gold, silver, palladium, platinum, diamonds, pearls, rubies, sapphires, emeralds, and jewellery
• Aim is to benefit precious metals and stones trading sector
• Government committed to supporting sector growth
• MoF creating strong regulatory framework for business prosperity

Source: khaleejtimes.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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