Webinar Recap: Cabinet Decision No. 127 of 2024 – Expansion of RCM Scope
Our Senior Manager – VAT and Compliance Services, Udit Chokshi, recently hosted an in-depth webinar, focusing on Cabinet Decision No. 127 of 2024 and its implications on the expansion of the Reverse Charge Mechanism (RCM) in the UAE.
About the Webinar: VAT Compliance for Precious Metals
The webinar was carefully curated to cover the details of the recent amendments introduced under the new Cabinet Decision, expanding RCM Scope in UAE, particularly:
- Expanded Coverage: The reverse charge mechanism now encompasses transactions involving gold, silver, palladium, platinum, and a wider range of precious stones like pearls, rubies, sapphires, and emeralds.
- Inclusion of Jewellery: The mechanism now also applies to Jewellery made from these materials, provided that the value of the precious metal or precious stone is higher than the value of the other components.
- Compliance: VAT-registered businesses dealing in the specified precious metals and stones should familiarize themselves with the new reverse charge mechanism and adjust their accounting practices accordingly to ensure compliance.
- Documentation: Proper documentation is essential to ensure compliance, including maintaining records of transactions and VAT calculations as per the new decision.
Udit shared practical insights into how businesses can adapt their processes to meet the revised compliance requirements and avoid potential pitfalls.
Who Should Read This?
The information in this webinar is essential for:
- Tax and finance professionals in the UAE.
- Businesses involved in the import and sale of precious metals.
- Compliance officers and VAT consultants in UAE
Avail yourself of the official handout from this session and never miss out. This document includes:
- A summary of the Cabinet Decision No. 127 of 2024.
- Practical Examples illustrating how RCM will apply under the new framework.
- Best practices for businesses to ensure VAT compliance in UAE.
For any further assistance or tailored VAT advisory services, please feel free to contact our VAT and Compliance team.
