- UAE Ministry of Finance announced UAE Cabinet Decision No. 127 of 2024
- Reverse charge mechanism now includes precious metals and gems for VAT-registered businesses
- Suppliers in precious metals and gems sector no longer charge VAT on business-to-business transactions
- Buyers must account for VAT on sale and purchase of items on VAT returns
- Decision repeals Cabinet Decision No. 25 of 2018, which only applied to gold and diamonds transactions
Source: news.bloombergtax.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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