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 VAT

Bank of Baroda, India ’ s International Bank

Middle East


You may be aware that the UAE has recently issued Federal Decree Law No. (8) of 2017 on Value Added Tax (VAT) ("VAT Law") confirming that VAT will be implemented in the UAE effective 1st of January 2018 at a standard rate of 5%. Wherever applicable, VAT will be collected on taxable supplies of goods and services in the UAE.

 

What does this change mean for you?

 

For retail customers:

 

You do not need to take any action; however, we would like to draw the following matter to your attention:

 

In accordance with the VAT Law, Bank of Baroda will be required to charge and collect VAT on certain services and pay it to the Federal Tax Authority ("FTA"). The Schedule of Services and Tariffs will be amended from 01 January 2018 as rates inclusive of VAT, where VAT is applicable in relation to a service.

 

For Corporate customers:

 

For corporate customers who are or will be registered for VAT, please update

your details in the form named

 

“Form to update VAT (Value Added TAX) Registration Number of UAE”

 

available in our website under.

 

 

We would also like to draw the following matter to your attention:

In accordance with the VAT Law, Bank of Baroda will be required to charge and collect VAT on certain services and pay it to the Federal Tax Authority ("FTA"). The Schedule of Services and Tariffs will be amended from 01 January 2018 to indicate where VAT is applicable in relation to a service. The terms and conditions of your agreements, as available with us will be updated accordingly.

In order to reflect the introduction of VAT from 01 January 2018, we are including an addendum as a further clause to the existing agreements applicable to our services. This means that if VAT is chargeable, we will normally debit your account for underlying charge, fee or commission along with the applicable VAT amount.

 

Addendum to our agreement with you:

 

“VAT” means value added tax or any similar or substituted turnover or sales tax, imposed or administrated in the United Arab Emirates or elsewhere.

Any consideration to be paid or given for taxable supplies made by Bank of Baroda to the other party is exclusive of VAT. The recipient of any such service / supply shall, in addition to the consideration for the supply or service, pay to Bank of Baroda an amount of VAT applicable to Bank of Baroda.

 
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