Abu Dhabi – From the Business Link Newsroom: The UAE’s Ministry of Finance (MoF) stated on 6 December, Tuesday, that the new UAE VAT laws for gold and diamond providers have been modified.
The modification is part of a cabinet resolution on craftsmanship services when supplying gold and diamonds between registrants.
This amendment was established and has been in effect since June 1, 2018. It will be concluded on December 31, 2022, with the term established in the aforementioned Cabinet Decision No. (25) of 2018 (goods) being reinstated on January 1, 2023.
Since 2018, the UAE has imposed a 5% VAT on most products and services. The tax is payable at the point of purchase. Other changes have also been made by the Authorities, including:
- Reduced tax fines
- VAT invoices for importation
- Disclosure in case of error
- 14-day limit for claims
Further details for taxpayers are awaited by the Federal Tax Authority.
Business Link is a business setup consultancy based in the UAE, with operations in the KSA. Since we were established in 1999, we have assisted more than 20,000 individuals in achieving their business goals. We specialize in helping new and existing businesses set up in the UAE and KSA. We provide services ranging from company formation in the mainland and free zones to PRO, along with corporate legal services and business licensing for all business types.