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ABU DHABI / WAM
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 maintaining the competitiveness of the local precious metals sector, the UAE Cabinet adopted a law to introduce the VAT Reversed Charge mechanism for investors in gold, diamond and precious metals.
This step aims to maintain UAE’s high ranking in the ease of doing business indicators, and allows investors in gold, diamond and precious metals to conduct business with ease. The VAT Reversed mechanism will contribute to stabilising the gold and diamond sector in the UAE as well as stimulating investment in this sector.
The law includes investments in precious metals such as gold, silver and platinum, used in trade in accordance with internationally accepted standards with a purity of 99 percent or more. This comes in the light of the many initiatives offered by the UAE to investors.
It also provides the optimal environment, infrastructure and legislations necessary for growth and supports UAE’s position as a global hub for trade.