You are here » Home » Video Gallery » Diamond industry likely be hit by 5% VAT on diamonds in UAE

Diamond industry likely be hit by 5% VAT on diamonds in UAE


Diamond industry likely be hit by 5% VAT on diamonds in UAE

Surat (Gujarat), Jan 03 (ANI): Diamond industry in Surat will face the heat after UAE (United Arab Emirates) introduced VAT (Value added taxes) for the first time in their country. UAE is second largest diamond trading hub in the world.

UAE has introduced 5% VAT on most goods and services to boost revenue. The VAT will be applied on food, clothes, electronics and gasoline, phone, water and electricity bills, as well as hotel reservations.

MORE VIDEOS