n Tax Breaks Newsletter - VAT : insurance premiums and payments from a policy : value added tax

Volume 2005, Issue 235
  • ISSN :



Extracted from text ... VALUE ADDED TAX MOST businesses probably deal with the VAT paid on premiums due under short-term insurance policies correctly, but often overlook how VAT must be accounted for in those cases where a payment is received from the insurance company as a result of an insurance claim that is settled. It is appropriate to consider briefly the rules pertaining to the deduction of input credits paid on insurance premiums as well as the obligations facing business in respect of payments received under an insurance policy. PREMIUMS ON A LONGTERM INSURANCE POLICY It must be remembered that, in VAT: Insurance premiums ..

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