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Will VAT fees eventually reach Saudi, and GCC banks?

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Question added by Deleted user
Date Posted: 2017/02/20
Naeem Aslam
by Naeem Aslam , Group Tax Consultant , Tech Group PJSC

Most probably not. The finance/bank sector internationally comes under zero rated or exempt supplies. Hence there are no chances Govt will levied VAT on Bank sector.

valsan  kelothe meethal
by valsan kelothe meethal , accountant , Tax Practitioner

Of course it will reach ksa and gcc banks

Balkrishna Salian
by Balkrishna Salian , Head of Internal Audit , M/s.Almana Group

Yes, It will be implemented and charged.

If financial services are voted in respective country to be zero rated - minimal extra VAT costs. If exempt (or exempt with credit) - potential material VAT cost. Islamic Finance should be considered separately.

Venu Chityala
by Venu Chityala , Deouty Manager , ICICI BANK LTD

Probabile  No. In UAE, the culuture is different and well developed countries, strong in  economy.

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