Important Information Regarding VAT
From 1st January 2018, Value Added Tax (VAT) was introduced into the UAE.
What is VAT?
VAT is a transaction tax, chargeable on the sale of goods and services. The standard rate of VAT will be 5%, with a few exemptions for financial services. For FAB, the supply of services made in return for an explicit charge shall be taxable.Exemptions would mainly apply to margin, interest and spreads on our products. As a VAT-registered business, FAB is required to charge VAT on its services where prescribed under the Law. This would be in addition to the stated prices.
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For further information, please visit the website of UAE Ministry of Finance.