UAE becomes first country to adopt fully digitalised VAT refund system
The world’s first fully digital VAT refund system is being launched in the United Arab Emirates (UAE), with visitors able to claim sales tax back on purchases made in the country from the 18th November. The system, managed by international payments provider Planet, is an industry first and is set to transform the way that tourists shop abroad. Planet will manage the entire process for tourist VAT refunds on behalf of the UAE Federal Tax Authority (FTA), after the UAE introduced 5% VAT in January 2018.
The system involves quick and simple digital procedures through which VAT is refunded directly to tourists upon the presentation of invoices for purchases made in the UAE. Read more…
Planet wins exclusive contract with Federal Tax Authority to provide United Arab Emirates’ digital Tax Free shopping infrastructure
After a competitive two-year tendering process, international payment service provider Planet has secured an exclusive three-year contract to provide the tourist Tax Free shopping service in the United Arab Emirates (UAE).
Launching in Q4 2018, Planet will manage the entire process for tourist VAT refunds on behalf of the UAE Federal Tax Authority (FTA), after the UAE introduced 5% VAT in January 2018. Read more…
Fintrax Group brings multiple businesses into one brand: Planet
Planet is an international payment service provider that helps businesses exceed the needs of their international customers. Today, Fintrax Group brings together its multiple businesses under one brand identity with a unified vision and continued growth strategy in established and emerging markets.
Recent acquisitions, such as Planet Payment and GB TaxFree, combined with significant year-on-year growth, positions the new brand to create better international payment and services experiences for businesses and tourists alike. Read More...
Dynamic Currency Conversion (DCC) is a service that allows cardholders to pay for goods and services in their own currency. It creates extra revenue for acquirers and merchants and is available across different solutions (POS, ATM and eCommerce).
Premier Tax Free VAT refund and consulting services providing shoppers and merchants with an innovative and easy-to-use Tax Free shopping (VAT refunding) solution.
Fintrax Treasury provides expertise to acquirers by delivering specialist treasury and foreign exchange services.
Fintrax works in close cooperation with internationally renowned business partners across numerous industry sectors, including finance, IT, tourism and marketing.