UAE: New VAT Rules Impacting Gold & Diamond Traders
Exciting news for businesses looking to trade gold and diamonds in the UAE! The recent announcement of revised VAT rules for gold, diamond, and precious metal traders brings significant changes.
Learn the Key Takeaways from the update below:
The UAE has recently introduced new VAT regulations for businesses dealing in gold, diamonds, and precious metals. Under these updated rules, registered traders are no longer required to collect VAT from other registered businesses. Instead, the responsibility for reporting and paying VAT shifts to the buyer through a reverse charge mechanism. This change aims to streamline the VAT process for traders and enhance the UAE's position as a global hub for precious metals trading.
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