For the 35,000 odd men and women engaged in this demanding profession, competition is not merely fierce, it's a relentless battle they face daily
The Ministry of Finance (MoF) today announced the amendment of the VAT treatment on workmanship services when supplying gold and diamonds between Registrants in the State.
According to the resolution, there will be a temporary replacement for the definition of "goods" contained in Article (1) of Cabinet Decision No. (25) of 2018 on the Mechanism of Applying Value Added Tax on Gold and Diamonds between Registrants in the State to be "gold, diamonds and any products whose main component is gold or diamonds, which may include workmanship services directly related to the supply of these commodities".
This amendment will be applied for the period from June 1, 2018 to December 31, 2022, noting that the term provided in the aforementioned Cabinet Decision No. (25) of 2018 (goods) will be re-applied starting from January 1, 2023.
The Federal Tax Authority will further clarify the amendments to taxpayers.
ALSO READ:
For the 35,000 odd men and women engaged in this demanding profession, competition is not merely fierce, it's a relentless battle they face daily
The event was hosted by the Saudi Arabian Consulate General in Dubai at Hilton Al Habtoor City
Weather forecast for the upcoming week consists of fair to partly cloudy weather, with freshening winds expected to blow
The astronaut's return back to UAE after six months in space was celebrated by his father Saif Muftah Al Neyadi at his home
RTA urges residents to adhere to directional signs and use alternative routes
Residents have been advised not to approach the site or take photographs
Mohammed bin Salman gave a rare wide-ranging interview to Fox News where he spoke on a variety of topics
This will be the first time since 1968 that the Picasso masterpiece will be on display outside the United States