16 Sep 2019
DiamondWorld Directory
Home |
News
Home
Dubai Rolls Back VAT Charges On Gold and Diamond Sectors At Wholesale Level
The UAE Cabinet has reportedly adopted the law to introduce a “VAT reversed charge” mechanism for investors in gold, diamond and precious metals.
By: Diamond World News Service
|
May 2 2018 10:28AM
|
Reference: 16317  

DecreaseIncrease

The UAE Cabinet has reportedly rolled back the 5 per cent Value Added Tax (VAT) on gold and diamond sectors at the wholesale level. Retailers will continue to impose 5 per cent on all jewellery transactions taking place at their shops.

The removal of VAT on precious metals trade at the business-to-business level comes into immediate effect. The UAE Cabinet adopted the law to introduce a “VAT reversed charge” mechanism for investors in gold, diamond and precious metals.

According to state news agency WAM, the step aims to allow investors in gold, diamond and precious metals to conduct business with ease and will contribute to stabilising the gold and diamond sector in the UAE as well as stimulating investment in the sector.

Doing so will “contribute to stabilising the gold and diamond sector in the UAE as well as stimulating investment in this sector”, a statement said following the Cabinet decision.

Under the earlier VAT rules, gold investment bars and loose diamond stones were “zero rated”. But all other transactions, wholesale and retail, came under the 5 per cent VAT regime.

The said VAT rollback - even though a partial one – is expected to be significant as Dubai is known for gold jewellery. The 5 per cent VAT plus the 5 per cent import duty had reportedly affected much of the price advantages jewellers had compared to what they were in India and the rest of the subcontinent.

Source: Arabian Business & Gulf News

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Advertisement
M. Suresh234x60
Search News by City
Advertisement
Kosher 23460
Advertisement
Kosher 23460
Recent Issue
2019
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
Spotted: Who Wore What (August 2018)
Pictures: 4
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 17519
GJEPC Chairman Interview
Views: 16210
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 23136
Promo for IJ Awards 2012 at NDTV Profit
Views: 36153
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 39695
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 13576
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 37659
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 35459
Advertisement
BDB_BDW
Advertisement
M.Tarun
Member of:
Supporter of: