Please be informed that this Public Clarification replaces Public Clarification No. VATP032 of 2022.
Cabinet Decision No. 127 of 2024 on the Application of the Reverse Charge Mechanism on Precious Metals and Precious Stones between Registrants in the State for the Purposes of Value Added Tax (“Cabinet Decision No. 127 of 2024”) was issued to replace Cabinet Decision No. 25 of 2018 on the Mechanism of Applying Value Added Tax on Gold and Diamonds between Registrants in the State (“Cabinet Decision No. 25 of 2018”).
Cabinet Decision No. 127 of 2024 expands the scope of Goods on which the domestic reverse charge applies to include, in addition to gold, diamonds and jewellery made thereof, other specified precious metals, precious stones and jewellery made thereof.
This Public Clarification explains the changes to the rules as implemented by Cabinet Decision No.127 of 2024. The Cabinet Decision is effective from 15 February 2025.
The list of Goods within the scope of the domest...