Egypt – International best practices about value added tax
Tuesday, 12 13 2016, Category: Insurance and Reinsurance, Country: Egypt
The Insurance Federation of Egypt advocated the implementation of the practices followed by the European Union, Lebanon, Turkey and Morocco regarding the tax exemption of the commissions paid by insurance companies when contracts are issued as well the fees of health insurance administration companies as they are considered to be part of the transactions.
The study prepared by the Federation and sent to the ministry of finance of which the “Mal News” received a copy showed that that in the tax law applied on the insurance industry in the European Union, Lebanon, Morocco and Turkey, the commissions on the issuance of contracts and the fees of health care administrators are exempted from value added tax whereas the law in Egypt only exempted insurance and reinsurance services. Therefore, the federation is advocating the exemption of these services related to the insurance industry.
Source: Al Mal News