GCC, introduction of a new tax
To counter falling oil prices, the GCC countries are considering the introduction of a 5% VAT as from 1 January 2018. According to AM Best, this measure would have a negative impact on insurers' cash flows.
Non-life insurance will be subject to this tax while the life and health class of business may be exempted.
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Tue, 13/06/2017 - 08:54
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