"Finance": amending the tax treatment of the "value added" workmanship service when supplying gold and diamonds

Today, the Ministry of Finance announced the amendment of the tax treatment of value-added tax on the workmanship service when supplying gold and diamonds between those registered in the country by adopting a temporary replacement for the definition of “goods” contained in Article (1) of Cabinet Resolution No. (25) of 2018 regarding the mechanism The application of value-added tax on gold and diamonds among those registered in the country to be “gold, diamonds and any products whose main component is gold or diamonds, which may include manufacturing services directly related to the supply of these goods,” for the period from June 1, 2018 to December 31, 2022, noting that The definition provided for in the Council of Ministers Resolution No. (25) of 2018 referred to shall be referred to, starting from January 1, 2023, according to a decision issued by the Council of Ministers.

The Federal Tax Authority will also update its clarifications in this regard to taxpayers.

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