- The FTA issued updated guidance on VAT for SWIFT transactions
- Replaces previous guidance VATP036
- Covers invoicing and documentation requirements for SWIFT messages
- Clarifies treatment of international bank charges via SWIFT
- SWIFT messages can be used as records under certain conditions
- Explains criteria for input VAT recovery by financial institutions
- Details on place of supply rules and reverse charge mechanism
Source: globalvatcompliance.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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