Relief for Indian exporters as Dubai mulls VAT breather for B2B gold sales

On January 1, Dubai and UAE authorities levied a 5% VAT on gold and other jewellery

In what could be a major relief for Indian gem and jewellery exporters, the Dubai government is mulling to give them an exemption from the recently implemented value-added tax (VAT).
 
On January 1, the Dubai and United Arab Emirates (UAE) authorities levied a 5 per cent VAT on gold and other jewellery. This affected Indian exporters as they used to route their consignments to European and African countries through the UAE and Dubai till last year.
 
After the levy, gold price in Dubai came close to the prices in India. So, exporters targeting markets abroad, including non-resident Indians,