GIC Re Dubai Branch Gets Rs 90-Crore Demand Notice From FTA

GIC Re on Saturday said its Dubai branch has received a VAT demand notice of approximately Rs 90.42 crore from the Federal Tax Authority of the United Arab Emirates.

The VAT demand notice comprises United Arab Emirates Dirham 12,868,602.71 in net due tax and AED 25,966,807.36 in administrative penalties.

The demand notice relates to discrepancies in VAT returns filed for January 2018 to December 2020, GIC Re said in a regulatory filing.

GIC Re is currently reviewing the order in detail and intends to file a reconsideration request with the authority within the statutory timeline, it said.

There is no material impact on financials, operations or other activities of the Corporation due to the above-mentioned order, it said.