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RAKBANK Statement to Excel for UAE Tax Prep

9% corporate tax since June 2023. 5% VAT since 2018. Pull what the FTA needs from your RAKBANK PDF in under a minute.

Convert for tax prep

What the FTA needs from a RAKBANK statement

The FTA does not require you to submit a bank statement with the corporate tax or VAT return. It requires you to keep the statement for at least seven years and produce it within five business days of an audit request. A clean Excel of the statement is what most UAE tax agents and accountants ask for when preparing the filing.

RAKBANK is a common SME and freelancer bank, especially in the northern emirates. The retail and SME statements are predominantly AED with no multi-currency overlay, which makes the conversion clean and the FTA reconciliation straightforward.

Reading VAT lines on a RAKBANK statement

RAKBANK does not split the 5% VAT on a supplier payment — the bank line carries the gross amount. The split sits on the supplier invoice. Your VAT input claim is built from the invoice; the bank line is the payment evidence the FTA needs to see if it asks.

FTA VAT remittances appear as ONLINE TRANSFER or DIRECT DEBIT rows with FTA or the FTA portal reference in the description. Kashfbank keeps the full descriptor so prior-period remittances are easy to filter and total.

What to extract for CT and VAT

Corporate tax wants a clean revenue figure and deductible expenses. VAT wants every output supply and every input VAT debit through the period.

  • All inbound client credits (ONLINE TRANSFER, SALARY)
  • Supplier payments with input VAT — pair each with the invoice
  • FTA VAT remittances — proof of prior-period payment
  • Bank charges and LOAN EMI rows — not VATable, exclude from input claims

RAKBANK statement format

Primarily English PDF. Some product descriptions in Arabic. Dates DD/MM/YYYY. Modern digitally generated layout: transaction date, posting date, description, debit, credit, balance. Account type, IBAN, and statement period clearly shown. Summary section at end shows total debits, credits, and closing balance. No multi-currency complexity for most retail accounts.

LabelMeaning
POS PURCHASECard payment at merchant terminal
ATM WITHDRAWALCash dispensed from ATM
SALARYWPS salary credit from employer
LOAN EMIMonthly personal loan instalment
ONLINE TRANSFERFund transfer via internet banking

UAE specifics for this use case

UAE corporate tax (9% above AED 375K, effective June 2023) requires businesses to reconcile bank deposits against revenue figures; statements are the primary source for revenue verification by the FTA.

How to do it — step by step

1

Pull the full tax-period statement

Request the RAKBANK statement covering your CT year or VAT quarter. Save the PDF.

2

Confirm AED and the period boundaries

Check the opening and closing dates match the FTA period. RAKBANK statements are AED only — no currency conversion needed.

3

Categorise into FTA buckets

Use the Category column: Revenue, Supplier (with VAT), Supplier (no VAT), VAT Remittance, Salary, Bank Charges, Other. Most UAE accountants then remap to the chart of accounts in Zoho Books.

4

Export and retain

Download the CSV. Keep the original PDF for the seven-year FTA window.

Common challenges

  • •Fiscal year mismatch: Saudi Hijri vs. Gregorian calendar in statements from the same bank
  • •Pre/post-VAT transaction splitting (UAE pre-June 2023 vs. after for corporate tax)
  • •Scanned statements from older accounts where OCR confidence drops on faded print
  • •Multi-entity accounts where personal and company transactions share one IBAN

Frequently asked questions

Does RAKBANK split the 5% VAT on supplier payments?

No. The bank line shows the gross amount. The 5% split sits on the supplier invoice. Kashfbank tags FTA remittance rows separately so your prior-period payments are easy to sum.

My RAKBANK statement is from a scanned PDF. Does it still work?

Yes. Older RAKBANK PDFs are sometimes image-scanned rather than digitally generated. We OCR those before extraction. Faded print may drop confidence on a few rows — those are flagged.

Free-zone company at 0% CT — do I still need the conversion?

Yes. Qualifying Free Zone Persons still file a return and keep records. The converted statement is the underlying evidence for the revenue and expense numbers in that filing.

Does the export include the summary totals at the end of the statement?

We extract the transaction rows. The closing summary block at the end of the RAKBANK statement is excluded from the row set so it doesn't get mistaken for a transaction.

Other use cases for RAKBANK

Freelancers

Extract, categorize, and export freelance income and expenses from PDF bank statements — ready for 1099, self-assessment, or ZATCA filings.

Loan Applications

Prepare clean, lender-ready bank statement exports that prove stable income and responsible financial behavior for personal and business loan applications.

Mortgage Applications

Prepare 6–12 months of verified, structured bank statement data for mortgage underwriting — covering down payment seasoning, income stability, and GCC real estate requirements.

RAKBANK overviewUAE banks guide

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Regulatory context

Regulator: Central Bank of the UAE (CBUAE)

Fiscal year: Jan 1 – Dec 31 (Gregorian)

Full country guide →

Statement info

AED

Statement language: English

Kashfbank

Turn your bank statement into a spreadsheet in seconds.

العربيةEnglish

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