Insurance
VAT on Insurance Ancillary Services
Charging VAT on non-insurance services provided by the insurer (policy admin fees, surveys).
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Receivable (Fee + VAT) | Asset (+) | 116.00 | - |
| Service Fee Revenue | Revenue (+) | - | 100.00 |
| VAT Output Tax Payable | Liability (+) | - | 16.00 |
💡 Accountant's Note
Pure insurance premiums are typically VAT-exempt in most GCC and MENA countries. However, ancillary fees (policy issuance fees, survey charges, admin fees) may attract VAT as they are not insurance services per se.
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