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On 11 May 2020, the Saudi Arabian government announced that the standard VAT rate would increase from 5% to 15% as of 1 July 2020. A significant increase in the VAT rate will impact many aspects of the insurance industry, not least its effects on unearned premium reserves (UPRs). Our tax team – widely acknowledged as the leading tax advisors to the region’s insurance and reinsurance businesses – has developed a useful guide to the impact of the change on insurance companies doing business in Saudi Arabia. For further details, please download our solution spotlight or contact our tax team .

 

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