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UAE VAT – Central Bank’s Notice No. 421/2017 to clarify VAT application

On 28 December 2017, the United Arab Emirates (“UAE”) Central Bank issued “Notice No. 421/2017” to Head Offices of National Banks, Main Branches of Foreign Banks and Finance Companies Operating in the UAE with a subject title “Clarification of VAT Application” (“Notice”). This notice clarifies the UAE Central Bank’s position regarding the levy of Value Added Tax (“VAT”) on certain fees charged by banks and finance companies.

UAE VAT – Final update on transitional measures for Intra-GCC supplies

Further to our recent communication, we informed you that the UAE would treat movements of goods between UAE and Kingdom of Saudi Arabia (“KSA”) as “Non-GCC” Exports (i.e. when goods are shipped from the UAE to KSA) and “non-GCC” Imports (i.e. when goods are shipped to the UAE from KSA) for a transitional period. We refer you to our previous Tax Alert for further details on the impacts of such a measure.

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Dean Kern
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