Business
Parkin Reassesses Its Value Added Tax Treatment
Parkin Reassesses Its Value Added Tax Treatment
About this update from Parkin Co. Pjsc
Parkin Company DFM:PARKIN:FOLLOWING DISCUSSIONS WITH REGULATORY AUTHORITIES, IT REASSESSED ITS VALUE ADDED TAX (“VAT”) TREATMENTVAT AT RATE OF 5% APPLIED RETROSPECTIVELY TO PUBLIC PARKING AND SEASONAL CARD REVENUES FROM 1 FEBRUARY 2024FILED A VOLUNTARY DISCLOSURE AND WILL PAY TOTAL OF ABOUT AED 78 MILLION TO FTA, UP TO AND INCLUDING 30 APRIL 2026FULL AMOUNT TO BE PAID TO FTA WILL BE SUPPORTED AND REIMBURSED BY RTA