The UAE Federal Tax Authority (FTA) has published guidance on the VAT requirements for insurance supplies. The guidance covers the characteristics of insurance and related services for VAT purposes, including which services and functions are liable to VAT and the possibility of input VAT recovery. In general, all insurance and related services are subject to VAT at the standard rate (5%) and the VAT incurred on costs wholly attributable to the standard-rated supply can be recovered in full. However, the supply of life insurance and associated reinsurance is generally exempt, while the supply of insurance and related services to a...