Imposition of Value Added Tax in UAE
Notice to our existing and prospective customers
From 1st January 2018, to comply with Executive Regulations of the Federal Decree-Law No. (8) of 2017 (Decree-Law) on Value Added Tax (VAT), Union National Bank (UNB) will have to charge VAT at the standard rate of 5% on fees, commissions and charges or on any other products / services prescribed under the Decree-Law.
VAT will be charged to customers on all taxable supplies of products /services made by UNB and its UAE based subsidiaries effective 1st January 2018 even if the contract relating to the supply of these products / services was entered into before 1 January 2018. UNB customers continued association with the Bank and availment of UNB’s products and services will be taken as acceptance of the VAT related charges which UNB will levy on its products and services to comply with the Decree-Law.
For customers who will be registered for VAT, please contact your relationship manager or your nearest Branch in order to update your account details with your Tax Registration Number (TRN) as soon as it is available in addition to updating UNB on whether you are exempted/partially exempted/not exempted for VAT purposes and the extent of exemption if partially exempted..
We value the relationship with our customers and your continued patronage would assist us in complying with VAT Regulations.
To get more information on VAT regulations, we suggest you to visit the below websites:
Notice to our vendors / suppliers:
UNB’s Tax Registration Number (TRN) is 100265538700003. Please note that the following entities which are part of UNB Group are registered under this number:
1) Al Wifaq Finance Company PJSC
2) Injaz Marketing Management
3) Al Wifaq Properties LLC
4) Union Brokerage LLC
We request all our vendors / suppliers to quote the above TRN number in their invoices.