Value Added Tax (VAT)
What is National Life and General Insurance Company’s VAT Registration Number?
Our VAT registration number is 100387443300003 . Our VAT registration certificate is available for download here.
What is VAT?
Value Added Tax (VAT) is a tax on consumption. It is a transaction based tax and will be charged on most transactions supplied by VAT registered businesses. In the GCC, the standard VAT rate will be 5%.
Implementation Date in the UAE
The Ministry of Finance in the UAE has published the VAT Decree – Law in an unofficial translation on August 27, 2017 and it was officially announced that VAT will be applicable in the UAE from January 1, 2018
Motor, Medical and other forms of Non–Life insurance policies 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.
VAT Collection and Remittance
NLG will collect the VAT from policy holders for the insurance services provided and will remit this to the UAE Federal Tax Authority (FTA) on a periodic basis.