3.22 Value Added Tax
Value Added Tax
In accordance with the Federal Decree-Law No. (8) of 2017, Value Added Tax (VAT) has been introduced from 1 January 2018 at a rate of 5% of taxable supplies. With this regard, the Company collects VAT on certain premiums and pays VAT on certain expenses incurred. The difference between input and output tax net is payable to the Federal Tax Authority.