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Banks in the UAE will have to pay 5pc VAT

UAE
GDN Online Desk


Banks operating in the UAE will have to pay the five per cent Value Added Tax (VAT) which will take effect on Monday, January 1.

The UAE Central Bank issued an official notice making it mandatory for banks and financial firms to comply with the new scheme, according to Al Bayan newspaper.

The UAE had announced the 5pc fee which will apply to most goods and services in the country.

The notice banned banks and financial firms from exceeding the rate of fees levied on individual customers as a result of the tax.

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