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The General Organization for Social Insurance in the Saudi Central Bank “SAMA” mandated all car insurance companies which assess vehicle damage to include the rate of value-added tax (VAT) and repair costs in the compensation. It confirmed that this decision helps to ensure the fairness of the compensation mechanism for the third party that aligns with the regulations related to VAT issued by the competent authorities.
The bank also indicated that the insurance company must clarify the eligibility to receive VAT compensation and explain the mechanism for them. Additionally, the circular for all insurance companies comes in line with the bank's goal of achieving third-party fairness in accordance with the prescribed regulations.
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