As you may be aware the UAE has announced the introduction of VAT (Value Added Tax) effective 1st Jan 2018 at a standard rate of 5%. VAT will be collected on taxable supplies of goods and services in the UAE, wherever applicable.
No action is required from your end but in accordance with the new VAT Law, Citibank UAE will be required to charge and collect VAT on certain services and pay it to the Federal Tax Authority ("FTA"). Also this will be amended in our Schedule of Charges accordingly. VAT is a consumption tax that end users shall pay and Citibank UAE will be only acting as a collection agent on behalf of the taxation authority.
For more information on the VAT Law you may also refer to the following useful links:
Federal Tax Authority: www.tax.gov.ae
Ministry of Finance: www.mof.gov.ae/En
You can view additional FAQs about the VAT by clicking here.