Dubai – Mubasher: Health and life insurance are excluded from the value-added tax (VAT), secretary general of the Emirates Insurance Association (EIA) Farid Lotfy told Al-Khaleej Newspaper.

Lotfy highlighted that the EIA, the Insurance Authority, the Federal Tax Authority (FTA) and the Ministry of Finance are negotiating over the impact of imposing the VAT on the insurance sector in UAE.

The FTA had previously revealed that the VAT is set to be applied by 5% in the UAE on 1 January 2018.

The UAE is expecting VAT revenues from all goods and services to reach around AED 10 billion to AED 12 billion ($2.7 billion to $3.2 billion) in the first year.