In a significant move to strengthen Dubai’s position as a global hub for bullion and gold refining, industry leaders have officially launched the Dubai Business Group for Bullion and Gold Refinery. This new organization aims to provide a unified platform for stakeholders in the bullion and precious metals sector, promoting industry collaboration, innovation, and sustainable...
Gold and jewellery shoppers in the UAE will not experience any additional costs due to the new VAT regulations issued by the Ministry of Finance last week. Customers will continue to pay the existing 5% VAT on their purchases, a rate that has been in effect since early 2018. This means that the recent changes...
The UAE has introduced new value-added tax (VAT) rules for businesses dealing in gold, diamonds, and other precious materials. The Ministry of Finance (MoF) announced the update on Friday, which expands the ‘reverse charge mechanism’ to include traders in these sectors. Under this updated system, suppliers are no longer responsible for charging and collecting VAT...