Yes, there is a VAT of 5% applicable on your transaction fees (5% of the fees only, not the total payment amount received) when using Mamo Pay for Business. Please see an example of how VAT is calculated here.
Mamo Limited is registered for VAT in the UAE, effective February 1st, 2022. This means that a 5% VAT (as per the UAE’s Federal Tax Authority) on top of Mamo Pay for Business’s transaction fee will be reflected in your settlements.
If you are registered for VAT, please send us your VAT certificate, or you can just share the TRN and the business address on the VAT certificate. Once we have this information, we can provide you with tax invoices for your payments.
To learn more, refer to the Federal Tax Authority’s website or reach out to us at email@example.com.