Saham Assurance sustains punitive taxation

Saham Assurance has been subjected to a tax adjustment worth 130 million MAD (12.9 million USD) for the years 2012, 2013, 2014 and 2015. This exceptional charge relate to corporate tax, income tax, value added tax, registration fees and stamp duty.

The agreement signed between the tax department and the insurance company will have its impact on Saham’s accounts. The 2016 forecasts have reported 3.7 billion MAD (367 million USD) in written premiums and growing net result set at 372 million MAD (36.9 million USD).

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