How do i account for vat for diamonds that we buy for further resale??
Where a business supplies diamonds to VAT registered recipient, who is buying to either resell, produce or manufacture diamond based products, the supplier will not be required to account for VAT on such sales or report it on its VAT return. However the recipient will have to account for the tax and include the output tax due on the supply on its VAT return. The recipient will then be able to recover VAT.2 Like