Life insurance, exempt from taxes in Saudi Arabia
The Saudi Arabian Monetary Authority, (SAMA), has introduced a 5% tax on non life insurance policies as of 1 January 2018. This initiative, adopted by all countries of the Gulf Cooperation Council, aims at bailing out State coffers following the fall in oil prices.
Life insurance will be exempt from taxation. The contribution of savings and pension insurance in Saudi Arabia remains insignificant with 2016 premiums not exceeding 1.05 billion SAR (280 million USD), that is 3% of total market contributions.
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