Arab Bank Bahrain
The Kingdom of Bahrain has implemented the Value Added Tax (“VAT”) commencing January 1st, 2019, in accordance with Decree Law No. 48 of the year 2018, which is an indirect tax imposed on selected products and services. For more information about VAT, please visit the National Bureau of Taxation’s website (https://www.nbt.gov.bh/).
Based on this, kindly be notified that Arab Bank plc – Kingdom of Bahrain is committed to comply with the VAT Law and has embarked on a VAT implementation project to ensure the successful implementation of the VAT. Accordingly, Arab Bank’s plc – Kingdom of Bahrain fees, commissions and commercial discounts for some products and services will be subject to 5% VAT, except for the excluded or exempted according to the VAT Law.
Acceptance and Agreement:
By accepting to continue transacting with Arab Bank plc – Kingdom of Bahrain, the customer accepts and agrees to pay VAT applicable to any product or service and commercial discounts and agrees that this statement shall be an integral part of the terms and conditions of the account opening documentation previously signed by the customer including the manual of general and special terms for dealing with the accounts and the banking and electronic services.