UAE – confusion about Value Added Tax
Monday, 12 11 2017, Category: Insurance and Reinsurance, Country: U.A.E
The text messages sent to customers by most insurance companies operating in the UAE about the necessity of examining the retroactive effect of the value added tax triggered customer resistance and confusion at the insurers.
Customers complained about these text messages and some of them consider it illegal as an insurance contract cannot be modified after it is issued. Moreover, the Emirates Insurance Association as a representative of insurers said that the retroactive implementation of the value added tax would create confusion in the local insurance sector due to the losses that it will generate with the implementation of the tax starting from the 1st of the next month of January.
Source: Al Ittihad