Value Added Tax

As the Kingdom of Saudi Arabia will implement the value added tax (VAT) starting from 1 January 2018, A standard VAT rate of 5% will be applied to banking services fees only (such as the issuance fees of checkbooks, account statements and safety boxes). The value added tax will be incurred by the customer. There is no value added tax on finance products amounts or profits as well as account balances and transfers.

To learn more about (VAT) for Financial Services Providers, click HERE.