Value Added Tax
According to the Federal Decree Law (8) of 2017 on Value Added Tax, 5% tax will be levied from 1st January 2018 on taxable supplies. According to the Law, the Insured/Customer shall be liable to pay tax duties as stipulated in the Law on any invoice of premiums issued or to be issued in relation to the services provided by Fidelity United.
Motor, Medical and other forms of Non–Life insurance policies – new and renewed – are expected to be subject to VAT at the standard rate of 5%. The policy holder will pay the insurance company the 5% of the total premium reflected in the policy schedule.
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