How VAT will impact the insurance sector | KPMG | AE

Sector insights

Sector insights

Effective from January 1, 2018 it is anticipated that the UAE, along with the other member states of the Gulf Cooperation Council (GCC) will introduce a broad valued added tax (VAT) at a rate of between 3-5%.

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Who will be affected by the new tax?

All businesses in the UAE will be affected since VAT will impact most sales of goods and services within the UAE, where it is anticipated there would be limited exemptions and consumption tax relief. There will be a right for businesses to claim a credit for VAT paid on their expenditures, relating to their business activities.

We analyze the potential VAT issues facing specific industries. The summary documents aims to give a better understanding of the business issues, VAT liabilities and potential opportunities for each industry:

How KPMG can help

We have an experienced VAT team, part of a global network of VAT experts, who have been advising clients on implementation strategies, helping them comply with VAT obligations and explaining their VAT liabilities. They focus on:

  • IT and VAT impact assessments 
  • Implementation strategies 
  • IT testing
  • In-house training for employees 
  • VAT manuals 
  • Registration advice
  • Guidance on VAT submissions - including reports and reviews

To ensure your organization is prepared for VAT, please contact Clare McColl and Rob Dalla Costa


 

Value Added Tax

Value Added Tax

Value added tax (VAT) raises complex issues for many businesses.

Sector insight | Insurance

Sector insight | Insurance

With the economic, regulatory and organizational shifts currently taking place in the insurance sector.

Sector insights | Real estate

Sector insights | Real estate

VAT will affect real estate companies in different ways and a wide range of business operations and services may need to be addressed.

© 2017 KPMG Lower Gulf Limited, registered in the UAE and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in the United Arab Emirates. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.

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