This ZATCA Circular provides comprehensive guidance on VAT for the banking sector, addressing services for non-residents and credit card incentives. It distinguishes between taxable financial services (explicit fees) and exempt services (implicit margins). Exported services to non-GCC residents are zero-rated under Article 33, provided the benefit is not received by a person in KSA. The document further clarifies Interchange fees between Issuing and Acquirer banks and the VAT treatment of promotional incentives from credit card companies, categorising them as either service supplies or adjustments to consideration. It primarily clarifies Article 29 and Article 33.