Riyadh – Mubasher: Saudi banks affirmed that the value added tax (VAT) will not be applied on transactions from the automated teller machines (ATMs).

The news which social Social media stated about imposing the VAT on withdrawals from the ATMs are not right, Talaat Zaki Hafez, secretary-general of the media and banking awareness committee of Saudi banks.

The instructions that were issued by Saudi banks on the banks’ products and services which will be subject to the VAT are clear, Hafez added.