Supply of Lab grown or man made Diamonds are subjected to VAT
 

Supply of Lab grown or man made Diamonds are subjected to VAT

May 5, 2023by admin0
Supply of Lab grown or man made Diamonds are subjected to VAT

We recently assisted one of clients in Gold Bullion Trade to obtain a clarification on VAT treatment from FTA.

In the private clarification issue d by FTA, it has been clarified that supply of Lab grown or man made Diamonds are subjected to 5 VAT and do no qualify for Reverse charge Mechanism (RCM).

Consequently, registered person is required to impose and account for VAT and issue Tax Invoice on the supply of lab grown and man made diamonds, as the reverse charge mechanism does not apply to aforementioned diamonds.

Leave a Reply

Your email address will not be published. Required fields are marked *

REACH US Headquarters
Onboard the UAE’s one of most trusted advisory firm offering various tailored services to support all upcoming & existing businesses across the UAE.
OUR LOCATIONSWhere to find us?
FAME Advisory: Suite 405, Office Court Building, Oud Metha Road Bur Dubai, P.O. Box 103904, Dubai, UAE


TMSL (Collaboration Partner): 501-A, Pinnacle Corporate Park Next to Trade Centre, BKC, Bandra East Mumbai, Maharashtra, India

GET IN TOUCH
Follow us on Social Media
To get the latest news and updates from FAME Advisory, join our social media now.
REACH USHeadquarters
Onboard the UAE’s one of most trusted advisory firm offering various tailored services to support all upcoming & existing businesses across the UAE.
OUR LOCATIONSWhere to find us?
FAME Advisory: 412, Office Court Building - D79, Oud Metha, Dubai, UAE


TMSL (Collaboration Partner): 501-A, Pinnacle Corporate Park Next to Trade Centre, BKC, Bandra East Mumbai, Maharashtra, India

GET IN TOUCHFollow us on Social Media
To get the latest news and updates from FAME Advisory, join our social media now.

Get in touch