- UAE Ministry of Finance extends reverse charge mechanism to precious metals and gems
- VAT-registered businesses in this sector no longer need to charge VAT on B2B transactions
- Buyers must account for VAT on their returns if both parties are VAT-registered
- Decision replaces previous one that only applied to gold and diamond transactions
Source: globalvatcompliance.com
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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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