Latest News Updates
UAE VAT Law: Changes in Gold and Diamond sector Announced
Dubai December 8, 2022:
The Ministry of Finance (MoF) announced changes to the VAT rules for gold and diamond suppliers. The amendment comes as part of a resolution issued by the cabinet on workmanship services when supplying gold and diamonds between registrants.
According to the resolution, there will be a temporary replacement for the definition of “goods” contained in Article (1) of Cabinet Decision No. (25) of 2018 on the Mechanism of Applying VAT on Gold and Diamonds between Registrants in the State to be gold, diamonds and any products whose main component is gold or diamonds, which may include workmanship services directly related to the supply of these commodities”.
This amendment will be applied for the period from June 1, 2018, to December 31, 2022, noting that the term provided in the aforementioned Cabinet Decision No. (25) of 2018 (goods) will be re-applied starting from January 1, 2023.