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A.M. Best to Host 2017 Insurance Market Briefing – MENA

September 24, 2017 UAE Business 0

A.M. Best will host its annual Insurance Market Briefing – MENA on Wednesday, 4 October, from 1:30 p.m. to 5:45 p.m. (GST), at the Fairmont Dubai, United Arab Emirates. A.M. Best will present its perspectives on rating trends for (re)insurers in key segments of the MENA (re)insurance sector. Read more

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E-archiving is an enabler in prepping for VAT

August 14, 2017 UAE Business 0

January 2018 marks the moment for all VAT registered businesses across the GCC to start keeping records of their transaction documents: invoices, records, VAT returns, accounts and others. According to the Tax Procedures Law recently released by the President of the UAE, the retention period of VAT records for all UAE-based businesses will be 5 years. This new obligation will be particularly challenging to organisations with a big volume of documents, such as trading companies, because it implies extra administrative duties and additional costs of space rental. With this in mind, electronic archiving appears to be a true enabler and facilitator for GCC businesses, offering compliance with the legal changes and easy access to transaction documents for tax audits. Read more

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A.M. Best Briefing: VAT Implementation Poses Significant Challenges for GCC Insurers

May 28, 2017 UAE Business 0

Uncertainty persists as to when precisely Value Added Tax (VAT) will be introduced in the member states of the Gulf Cooperation Council (GCC), and the process surrounding a roll-out. However, given the fiscal pressures in the region, the introduction of taxation seems inevitable and could cause short-term cash-flow issues for insurers. Read more