Banks are allowed to charge VAT on fees that are explicit in nature

Authored by: Value Added Tax Department Source: Value Added Tax Department Date: January 26, 2015 FOR IMMEDIATE RELEASE The Value Added Tax (VAT) Department of the Ministry of Finance wishes to advise the public that banks are allowed to charge VAT on fees that are explicit in nature. Explicit fees are those bank charges where…

The public is advised that businesses registered for Tax Identification Numbers

Authored by: Value Added Tax Department Source: Value Added Tax Department Date: January 23, 2015 FOR IMMEDIATE RELEASE The public is advised that businesses registered for Tax Identification Numbers (TINs) only are NOT allowed to charge Value Added Tax (VAT). The TINs only allow the business to make transactions with the government and collect refunds…