UAE: FTA announces VAT changes in Gold and Diamond sector
By BMS AUDITING
This amendment is applied for the period from June 1, 2018 to December 31, 2022 and will be re-applied starting from January 1, 2023.
As reported by the agency- WAM, the Ministry of Finance has announced the reformation of the VAT treatment on workmanship services when selling gold and diamonds among the Registrants in the State.
As per the declaration, there would be a momentary replacement in defining the term “goods” mentioned in Article (1) of Cabinet Decision No. (25) of 2018 on the Mechanism of Applying Value Added Tax on Gold and Diamonds among Registrants in the State, and any product containing gold or diamonds, including craftsmanship services directly concerned with the supply of such commodities.
It is also reported that the change would be applied till December 2022, which began in June 2018, observing that the term in the aforesaid Cabinet Decision No. (25) of 2018 (goods) would be re-implemented from January 2023.
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