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ZATCA issues Circular on ‘VAT Treatment of Certain Supplies in the Financial Services Industry’
Riyadh February 10, 2023:
The ZATCA of KSA has issued Tax Circular on ‘VAT Treatment of Certain Supplies in the Financial Services Industry’.
The circular aims to provide guidance on the application of VAT rules in respect of two types of transactions involving banks and financial institutions in the KSA which are Supplies of services by International banks established in KSA to non-resident customers; and Incentives provided by credit card companies to banks in return for achieving operational targets.