United Arab Emirates MOF Posts Cabinet Decision on VAT Reverse Charge on Precious Metals, Stones

The Emirati Ministry of Finance Feb. 14 posted online Cabinet Decision No. 127 of 2024, on the application of the reverse charge mechanism to precious metals and stones among VAT-registrants in the country. The decision includes measures: 1) applying VAT under the reverse charge mechanism to specified precious metals or stones, and to jewelry composed of them, when supplied to VAT-registered recipients in the country with the intent of resale or use in production; 2) requiring a recipient to provide the supplier with a written declaration prior to the date of supply stating this intent and that they are registered ...