Implementation of VAT in UAE
Please be informed that a new Tax called Value-Added Tax (“VAT”), an indirect tax on the most goods and services traded in the market, will be introduced in UAE, effective 1 January 2018.
To the extent required by the VAT legislation of UAE, all fees and commissions charged by the Doha Bank on services rendered to you, will be subject to 5% VAT, which will be an extra charge to your account and will be shown separately in your bank account.
Further, please note that margin based payments (e.g. interest on loan or deposits) will not be subject to VAT.
In this regard, we would require the copy of your VAT registration letter (Corporate customers and Bank’s suppliers only) for our records and please provide the same promptly.