UAE – Requests not to apply VAT before start of year
Monday, 11 27 2017, Category: Insurance and Reinsurance, Country: U.A.E
The Emirates Insurance Association requested the Value Added Tax not be applied retroactively on contracts issued before the date of 1/1/2018.
The association said in a statement made yesterday: “we are aware of the importance of applying value added tax for the sustainable development of the country and it will reflect positively on citizens and residents as well the quality of service. However, we would like to clarify that insurance companies cannot collect value added tax for insurance contracts issued during 2017 as there are millions of customers who cannot be contacted in order to settled tax differences”.
Source: Emarat Al Youm