VAT Recovery on Bank Charges Based on Bank Statements
In certain cases VAT recovery is being based on Bank Statements instead of having Tax Invocies from Banks.
It is accpetable under the Article 59 Part 7 of the Executive Regulations Where the Authority considers that there are or will be sufficient records available to establish the particulars of any supply or class of supplies, and that it would be impractical to require that a Tax Invoice be issued by the Taxable Person, the Authority may determine that, subject to any conditions that the Authority may consider necessary?
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For recovering input, Tax invoices are mandatory and banks have starting monthly tax invoices. The exception referred to in the mentioned Article is linked to the Administrative Exception guideline where a taxable person can seek exception from FTA, which FTA will review and approve. Without obtaining an approval from FTA one cannot decide not to issue a tax invoice or claim input without a valid tax invoice.
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