Abu Dhabi – Mubasher: The Central Bank of the UAE (CBUAE) declined a proposal presented by national banks to permit them to impose the value-added tax (VAT) on their customers instead of absorbing the tax.
The central bank is currently reviewing the UAE-based banks’ fees in order to adjust them according to the newly-levied tax, Al Roeya newspaper reported on Wednesday.
The talks on the VAT is ongoing, Union National Bank’s CEO Mohammad Nasr Abdeen told Al Roeya, adding that the central bank is considering several proposals.
Some banks overestimate the fees imposed for their services, which represents a good argument for the necessity of a fee-restructuring plan, banking specialist Ali Al Ameri commented.
