ABU DHABI: The Central Bank of the UAE is likely to soon decide to allow banks to pass on 5 per cent value-added tax (VAT) to customers.
Quoting sources the apex bank is in the process of informing the banks of its final decision in this regard to pass on VAT to companies and individuals from May 1.
The central bank issued a circular in late December 2017 asking banks not to increase existing fees ahead of VAT until further notice from the apex bank.
MaxGrowth Consulting, earlier told Khaleej Times that the processing fee, file opening fee, assessment fee, evaluation fee, account management fee, etc., charged by banks will be subject to 5 per cent VAT in the UAE.
