General Insurance Corporation Faces VAT Demand from Dubai Tax Authority:

General Insurance Corporation Faces VAT Demand from Dubai Tax Authority The General Insurance Corporation of India (GIC Re), India's national reinsurer, has recently informed the stock exchanges (NSE and BSE) regarding receipt of VAT demand. On June 27, 2025, the company's Dubai Branch received a Value Added Tax (VAT) demand notice from the Federal Tax Authority (FTA) of the United Arab Emirates. This disclosure was made under the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

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According to the notice, there were mismatches in the VAT returns filed by the Dubai branch of GIC Re for the period between January 1, 2018, and December 31, 2020. The FTA demanded to pay approximately Rs. 90.42 crore. This amount includes around AED 12,868,602.71 in net due tax and AED 25,966,807.36 in administrative penalties. The company has stated that it is currently reviewing the order in detail. The company also plans to submit a formal request to the FTA for reconsideration within the allowed time period. Additionally, this order has no major impact on the operations and financials of the company.