Under the UAE VAT regime, the insurance and related services are subject to the standard VAT rate at 5%. Also, the VAT incurred on costs that can be wholly attributed to the standard-rated supply can be recovered in full. Yet, there are exempted supplies and zero-rated supplies within the insurance services that the businesses need to be aware of. For example, life insurance and life reinsurance are treated as exempt supplies under VAT in UAE.
Source: jcauaeaudit.com
Latest Posts in "United Arab Emirates"
- UAE Updates VAT Guide: New Rules on Input Tax Apportionment and Recovery Percentage
- UAE eInvoicing Requirements: Implementation Timeline and Compliance Guide for 2026-2027
- Dubai Customs Launches Comprehensive 2030 AI Strategy for Digital Transformation
- UAE VAT Regulations Updated: Electronic Invoicing System Mandatory for Tax Invoices and Credit Notes
- UAE VAT Guide for Cross-Border Amazon FBA Sellers
