The UAE Federal Tax Authority (FTA) has published VAT guidance for supplies of financial services. The guidance covers the characteristics of financial services for VAT purposes, including which services and functions are liable to and exempt from VAT. Some of the main rules of the guidance regarding taxable and exempt supplies are summarized as follows. Financial Services Subject to VAT In general, financial services are subject to VAT at the standard rate (5%) when they are supplied for an explicit fee, discount, commission, rebate, or similar type of charge, including in relation to the operation of a bank account, money...