By: Mahmoud Gamal
Dubai – Mubasher: Gold prices in the UAE declined following some reports regarding a recommendation from the Federation of the GCC Chambers for reviewing the decrees imposing the value-added tax (VAT) on the precious metal and gemstones.
In the Emirati market, the prices of a gram of 24-carat, 22-carat, 21-carat, and 18-carat gold decreased to AED 156.49, AED 143.45, AED 136.93, and AED 117.33, respectively, Mubasher’s data showed.
The price of an ounce of gold also went down 0.23% to AED 4,865, the data revealed.
Some of gold traders submitted an official request to the competent authorities to impose VAT only on the sellers’ commission, not the invoice, Sabayik Al Kuwait’s CEO Rajab Hamed said.
If the authorities respond to this request, or gold is exempted from the tax totally, the national market of the precious metal will flourish again, in addition to boosting its peers across the GCC, Hamed added.
The levy of a 5% VAT in the UAE started on 1 January 2018.
Translated by: Muhammad Khalid