Is VAT charged on bank fees and charges?

4. Financial services and VAT 4.1 The VAT treatment of financial services in the UAE 4.1.1 General principle The general principle applicable is that financial services, as defined by the VAT Law and Executive Regulations, will be subject to VAT at the standard rate when they are supplied for an explicit fee, discount, commission, rebate or similar type of charge. 4.1.2 Standard-rated services Supplies of financial services where an explicit fee, discount, commission, rebate or similar type of charge is made are subject to VAT at the standard rate of VAT (i.e. they are treated as taxable supplies) to the extent of the amount of that separately identifiable charge. VAT incurred on costs wholly attributable to the standard rated supply can be recovered in full. 4.1.3 Banking Examples Types of financial service Operation of a bank account Money transfers Cash Mortgages (including commercial mortgages) 10 Examples of fees liable to standard rate VAT  subscription fee  transaction services fee  account opening or closing fee  withdrawal fee  deposit fee  replacement card fee  cheque book fee  bank statement fee  maintenance fee  transfer fee  SWIFT transfer fee  cash handling fee  cheque cashing fee  fee for provision of change  application fee  valuation fee  early repayment fee  administration fee  variation fee VAT Guide | Financial Services | VATGFS1