Financial services tends to be one of the more complex areas of value-added tax (VAT). Additionally, VAT systems have originated in jurisdictions with conventional financial services, leading to added complexities in the treatment of Islamic finance transactions for VAT purposes.
Deloitte Middle East and Thomson Reuters collaborated on this paper to discuss the potential impact of VAT on the provision of financial services in the GCC, and assess how such transactions could be treated in the upcoming VAT system. This paper will highlight global best practices in terms of the VAT treatment on Islamic Finance products which may be observed in the GCC.
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