OrbitaxUAE Issues VAT Guide for Insurance
|Approved Changes|Untd A Emirates
The UAE Federal Tax Authority (FTA) has published guidance on the VAT requirements for insurance supplies. The guidance covers the characteristics of insurance and related services for VAT purposes, including which services and functions are liable to VAT and the possibility of input VAT recovery.
In general, all insurance and related services are subject to VAT at the standard rate (5%) and the VAT incurred on costs wholly attributable to the standard-rated supply can be recovered in full. …