VAT on Interest income from bank deposits
Is Interest income generated from bank deposits subject to vat or not?
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Mon Rana25/11/2019 13:44:44
Earnings from investments like interest on deposits, specifically stating that where there is no service nor transaction provided in return for such a payment then the said returns will be outside the scope of VAT. The Public Clarification "Bank Interest and Dividends" ("VATP010") echoes this position by stating that passively earned interest income generated from bank deposits does not amount to consideration for a supply and their position outside the scope of VAT.
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