VAT Public Clarification (Barter & Precious Metals)

FTA issues Public Clarification on Valuation for Supply-Barter Transactions and Application of the Reverse Charge Mechanism on Precious Metals and Precious Stones between Registrants in the State for the purposes of Value Added Tax.
The Federal Tax Authority (FTA) recently issued two Public Clarifications under UAE VAT law that discuss the VAT treatment on:

1. Valuation of Supply for Barter Transaction.
2. Application of the Reverse Charge Mechanism on Precious Metals and Precious Stones between Registrants in the State for the purposes of Value Added Tax.

A gist of the key UAE VAT positions discussed in the Public Clarification have been summarized below.