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13 Dec 2017 - VALUE ADDED TAX – NOTICE OF CHANGE IN THE LAW
Release Date: 13 Dec 2017

Dear Valued Customer,

Thank you for banking with Bank of Sharjah PJSC. You may be aware that the UAE is implementing Value Added Tax ("VAT") at the standard rate of 5%, with effect from 1st January 2018. This will apply to most supplies of goods and services supplied from this date.

The UAE Ministry of Finance has some useful webpages dedicated to VAT, setting out how VAT will operate in the UAE. We suggest that you take a moment to consider how VAT might apply to you:

 

Application to our services: As a VAT registered business, Bank of Sharjah PJSC is required to charge and collect VAT on certain financial services provided to our clients and pay it to the Federal Tax Authority. In view of this, the following points are being raised for your attention:

  • Supply of financial products/services conducted in return for an explicit fee, charge, commission or similar shall be subject to VAT.

  • Other financial services if remunerated by way of an implicit margin such as interest shall not be subject to VAT.

  • The list of impacted fees and charges includes but is not limited to those mentioned in our published Fees & Rates.

  • Where VAT is chargeable, we will debit your account for the VAT amount in the same way and at the same time as we debit your account for the underlying fee, charge or commission.

  • Banks cannot waive the imposition of VAT payable in respect of the various fees and charges under the law.

  • Transitional arrangements may apply for services which span 1 January 2018. Bank of Sharjah PJSC reserves the right to charge VAT to the client in respect of any services relating to 2018, even where payments have been received prior to 1 January 2018, where applicable under the provisions of VAT law.

Acceptance of the Addendum at the Appendix:Your continued dealing with Bank of Sharjah PJSC will be taken as your acceptance of the addition of the Addendum, as set out at the Appendix, to our existing Agreement with you. Except as varied by the Addendum below, our existing Agreement(s) with you shall continue in full force and effect in all respects.

Tax Registration Number: For clients who are registered for VAT, we request you to contact your relationship manager or branch with the following details:

No.

Information Required

Explanation

Information to be provided

1.

Account Number

This should be filled with your account number with us.

 

2.

Legal Name

The name as registered with the Federal Tax Authority (FTA) as per your VAT certificate.

 

 

3.

Registered Address

The address as registered with the FTA as per your VAT certificate.

 

 

4.

Tax Registration Number

This is your 15-digit Numeric TRN as per your VAT certificate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


  We thank you for being our valued customer and assure you of our best services at all times.

  Best Regards,
  Bank of Sharjah PJSC

APPENDIX

ADDENDUM TO OUR AGREEMENT WITH YOU

"VAT" means Value Added Tax or any similar or substituted services tax or turnover as administrated or imposed in the UAE or elsewhere.

Any consideration to be paid or given for taxable supplies made by Bank of Sharjah PJSC to the recipient of such services ("Customer") is  to be treated as exclusive of VAT. The recipient of any such supply shall, in addition to the consideration for the supply of service, pay to Bank of Sharjah PJSC an amount equal to any VAT chargeable in respect of the supply in question on demand by Bank of Sharjah PJSC.

 

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