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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
The Central Bank of the United Arab Emirates (“Central Bank”) has recently issued a notice to UAE banks and finance companies on the application of VAT to the capped fees charged in respect of loans and other services offered to individual customers.
The newly issued Notice No.157/2018 (“Notice”) replaces a previous notice issued by the Central Bank (Notice No. 421/2017 dated 28 December 2017) which restricted banks and finance companies from increasing their existing fee structures for individual and non-individual customers and instructed them to absorb any applicable VAT until further notice.
Key Takeaways of the Notice:
What should you do next?
Banks and finance companies should consider the impact of the new Notice on their existing fee structures, ensure compliance with the VAT legislation if they decide to pass on the VAT to their customers and communicate with their customers on any changes to their existing fee structures.
How can we help?
Al Tamimi can assist you to assess the impact of this new Notice and advise you on the compliance requirements from a VAT perspective, as well as draft communication on any changes to your existing fee structures. Please do not hesitate to contact Al Tamimi’s Tax Team if you require any assistance.
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