News from Panis

HM Revenue & Customs Department of the United Kingdom is examining consignment based sales of diamonds

Belgian diamond dealers who send diamonds on consigments to the United Kingdom will have to apply for a VAT registration in that country, once they exceed the threshold of GBP 68.000,00 (+/- USD 110,000) per year.

On the final sales of diamonds - resulting from previously shipped consignments - in the United Kingdom is VAT due, at a rate of 20 per cent.

VAT administration penalizes incorrect invoice references

Mentioning an incorrect reference on your invoices with respect to VAT exemptions for the sales of diamonds may lead to penalization by tax office. We therefore insist to review your sales invoices an put following, correct reference on the invoice, if applicable:

Sales to Belgian diamond dealers: Free of VAT art. 42, § 4 VAT tax code

New house style and website

As your trusted finance and administration partner – and still one of the very few to dedicate exclusive attention to the diamond industry – we intend to help you make your business shine even more brilliantly than ever. As an emphasis on our dedication, we have recently given our company a brand new cut and polish. A newly designed house style and website reflect the kind of partner we aim to be for you: a professional, contemporary and service-minded one.