KSA - Life insurance exempted from VAT
Monday, 11 27 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The executive committee of the value added tax system determined how the value added tax will apply to the insurance sector as the life insurance contracts have been exempted from the VAT, which will start to be implemented on 1 January 2018.
According to the executive rules, all insurance products and contracts in KSA will have a 5% valued added tax with the exception of life insurance that is exempted.
Source: Al Hayat