Dubai Increases Gold Import Duties To 5 Percent
by Lorys Charalambous, Lowtax.net, Cyprus
16 January, 2017
Dubai has increased its import tax on gold jewelry to five percent, up from 0.32 percent.
This brings the import duty rate into line with that for watches, and above the one percent rate for diamonds.
The move could be due to the upcoming adoption of a value-added tax in the United Arab Emirates. The country will adopt the pan-Gulf Cooperation Council VAT, which is expected to also feature a five percent rate.
Dubai is a leading market for gold due to the lack of domestic taxes, and in particular the lack of VAT, which results in more competitive pricing.
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