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Frequently Asked Questions on VAT

Last updated on 17 August, 2018


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Is the reverse charge mechanism applicable on supplies of gold and diamonds?

Yes, provided that the buyer and seller are both registered under VAT and the supply meets one of the following conditions: 

  • The principal component of the supply is made up of gold and diamonds (e.g., jewellery). 
  • The buyer is purchasing gold or diamonds for resale or further manufacturing, and has provided written confirmation of their VAT registration status, the purpose of the supply, and their intent to account for the VAT due.
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