The Saudi Zakat, Tax, and Customs Authority (ZATCA) has published VAT Guideline: Insurance and Reinsurance Activities, dated 14 June 2021. The guideline addresses the application of VAT on the insurance and reinsurance activities made by businesses and provides interpretation on the Value Added Tax Law and its Implementing Regulation.
With respect to insurance contracts and premiums, the guideline provides that life insurance contracts are exempt from VAT and, as such, no VAT is charged on …