The United Arab Emirates (“UAE”) has recently issued its domestic VAT Law, Federal Decree-Law No. 8 of 2017 (“Decree Law”) to implement Value Added Tax (“VAT”) in the UAE at the standard rate of 5%, by 1 January 2018.
The Ministry of Finance, UAE has published Executive Regulations in respect of VAT on 28th November 2017 which provides you clarity with respect to how VAT will apply to financial services.
You can get the detailed information on
https://www.mof.gov.ae/En/budget/Pages/VATQuestions.aspx#faq2
Application to our services
As per law, Life Insurance comes under exempt services. But few of our services are subject to VAT. Please contact our branch office in Dubai or Abu Dhabi for more details.
VAT will apply to supplies of goods and services from 1 January 2018, even if the contract for the supply of such goods or services was entered into before that date. This means that even though you have taken life insurance policy before 31.12.2017, VAT may apply to some services which will be provided to you from 1 January 2018.
Contact Details of our Offices in UAE
Dubai Office,
Life Insurance Corporation (International) BSC (c),
106, Baituti Building, Behind Karama Fish Market, PO Box 60793, Al Karama,
Dubai (UAE)
Tel: +971-4-3354858, Fax: +971-4-3354684
Toll free Number- 800-LICI (8005424)
Abu Dhabi Office,
Life Insurance Corporation (International) BSC (c),
404,4’th Floor, Al Maheri Building, Near NMC hospital, Madina Zayed,
Abu Dhabi (UAE)
Tel: +971-2-6399133, Tel: , Fax: +971-2-6399131