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VAT in the financial services and insurance industry
Considerations for the banking sector
After a long period of speculation, some of the details surrounding the treatment of VAT for the financial services sector in the GCC have started to emerge: in particular, authorities in the UAE and KSA are publishing finalized laws and increasing communications with taxpayers.
This document summarizes the major positions known so far in these countries and the issues to be aware of in the sector including:
- Context –GCC Framework Agreement
- What services will be exempt?
- How is Islamic Finance treated?
- Approaches to VAT recovery
- Group and cost sharing