General Insurance Corporation of India has informed the Exchange about Action(s) taken or orders passed
GICRE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Dubai branch of GIC Re has received a VAT demand of approximately Rs. 90.42 crore from the UAE's Federal Tax Authority (FTA). The demand relates to discrepancies in VAT returns filed for the period January 2018 to December 2020. The amount comprises AED 12.87 million in net tax and AED 25.97 million in administrative penalties. The company is reviewing the order and plans to file a reconsideration request within the statutory timeline. GIC Re has stated there is no material impact on its financials, operations, or other activities from this order.
Despite the sizeable demand, the company claims no material financial impact and will challenge it through the reconsideration process. Investors should monitor the outcome, as a final adverse order could affect earnings, though the company appears confident in contesting it.