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Saudi Arabia released VAT guideline for Insurance & Reinsurance Activities
Riyadh- July 2, 2021:
Zakat, Tax and Customs Authority (ZATCA) issued a guide to throw clarifications on the insurance and reinsurance activities made by businesses and the associated VAT implications. The guide outlines the services that will be recognized under insurance/ reinsurance activities and along with the applicable VAT treatments.
The guide further publishes the implications of insurance claims, reinsurer’s share of claim, principles relating to VAT deductions and partial VAT deductions.
Kindly seek expert advice if you have any doubts on this subject.