GIC Re's Dubai Branch Faces Significant VAT Demand
GIC Re's Dubai Branch received a VAT demand notice of approximately Rs 90.42 crore from the UAE's Federal Tax Authority due to discrepancies in VAT returns filed from January 2018 to December 2020. The company plans to review the order and file a reconsideration request. The financials remain unaffected.
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- India
GIC Re's Dubai Branch has come under scrutiny as it acknowledges receipt of a VAT demand notice totaling approximately Rs 90.42 crore, issued by the United Arab Emirates' Federal Tax Authority (FTA). This measure arises from discrepancies found in VAT returns filed between January 2018 and December 2020, according to the company's regulatory filing.
The demand notice itemizes AED 12,868,602.71 in net due tax coupled with AED 25,966,807.36 in administrative penalties. Despite the significant figures involved, GIC Re has assured stakeholders that the demand notice does not impact its financial standing or operational activities.
Intent on challenging the VAT demand, GIC Re is closely reviewing the details of the order and plans to submit a request for reconsideration within the statutory time frame provided by the FTA.
(With inputs from agencies.)
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