Trading in gold exempted from the UAE VAT

According to the Emirates pr, the UAE Cabinet has introduced the VAT Reversed Charge mechanism for investors in gold, diamond and precious metals to maintain UAE’s high ranking in the ease of doing business indicators and to allow investors in gold, diamond and precious metals to conduct business with ease.

 

The VAT Reversed mechanism will exempt trading in gold, diamond and precious metals from the VAT, which will stabilise and maintain the competitiveness of the local precious metals sector. The VAT Reversed mechanism encourages investments in precious metals used in trade with a purity of 99% or more.

 

This is in line with the UAE Government’s efforts to ensure an efficient implementation of the Value Added Tax (VAT) while employing best international standards and stimulating investment in this sector.

 

 

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