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Financial Aggregation Services & VAT

ochmoni
Posts: 5
Joined: Fri Nov 23, 2012 8:06 am

Financial Aggregation Services & VAT

Postby ochmoni » Thu May 10, 2018 9:34 am

Hello
Please guide me on the Tax Treatment of Financial Aggregation Services?
Are Financial Aggregation Services VATable?
Do they fall under as a financial services as per the Tax Law?

les35
Posts: 496
Joined: Wed Aug 06, 2008 3:09 pm

Re: Financial Aggregation Services & VAT

Postby les35 » Thu May 10, 2018 1:25 pm

The question will turn on the precise nature of Financial Aggregation Services. Can you explain more?

ochmoni
Posts: 5
Joined: Fri Nov 23, 2012 8:06 am

Re: Financial Aggregation Services & VAT

Postby ochmoni » Sat May 12, 2018 7:45 am

Thanks Les35,
the nature of the financial aggregation services is;
A financial aggregator enables entities pay a large number of recipients by acting as a bridge between the entity (say a bank, betting company, power company) & the payees. they earn a fee/commission for every transaction. Enables several customers pay for services to a single entity.

les35
Posts: 496
Joined: Wed Aug 06, 2008 3:09 pm

Re: Financial Aggregation Services & VAT

Postby les35 » Sat May 12, 2018 7:39 pm

It looks like an exempt intermediary service.

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