The UAE Federal Tax Authority has issued VAT Public Clarification - VATP043, Application of the Reverse Charge Mechanism on Precious Metals and Precious Stones between Registrants in the State for the purposes of Value Added Tax. VATP043 was issued considering Cabinet Decision No. 127 of 2024, which expanded the scope of the domestic reverse charge on supplies of precious metals and precious stones and is effective from 26 February 2025. It replaces VATP032, which concerned only the supply of gold and diamonds. --- Issue Cabinet Decision No. 127 of 2024 on the Application of the Reverse Charge Mechanism on Precious...