GIC Re Gets ₹904.2 Million Tax Demand From Dubai Branch, Plans Reconsideration

General Insurance Corp. of India said on Saturday it has received a tax demand notice of about ₹904.2 million from the Federal Tax Authority for its Dubai branch. The demand relates to discrepancies in value-added tax returns filed between January 2018 and December 2020, the company said in an exchange filing.

The notice includes AED 12.87 million in taxes and AED 25.97 million in administrative penalties. GIC Re said it is reviewing the notice and plans to file a reconsideration request within the applicable deadline.

The state-run reinsurer clarified that the demand has no material impact on its financials, operations or other corporate activities.