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VAT: potential pressure on the bottom line

VAT: potential pressure on the bottom line

The new value-added tax legislation has serious implications for banks’ profit margins.

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Partner | Head of Indirect Tax

KPMG in the Lower Gulf

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VAT

With the new VAT laws in full force, banks will have new costs to reckon with

KPMG recently released the UAE banking perspectives report. In the VAT article, Clare McColl, Partner, Indirect Tax explores the impact of the new VAT laws on banks, what costs might be associate with it, and how banks will be looking to recover these costs.

In this article, you can find out about:

  • exempt and non-exempt costs services for banks
  • to what extent they will be able to recover the costs of VAT resulting from the making of exempt supplies
  • how VAT is apportioned
  • and what the knock-on effect for the consumer might be

Read more. 

© 2018 KPMG Lower Gulf Limited, registered in the UAE and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in the United Arab Emirates. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.

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