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RAPPORT

Global tax points for insurers

Volume 1 | Issue 3

Welcome to our third edition of Global tax points for insurers, an informal series that provides insurance executives with a snapshot of some interesting developments in the ever-changing world of tax around the globe.

In this issue, we explore a number of tax developments for insurance companies, beginning with a discussion of the Base Erosion and Profit Shifting (BEPS) project by the Organisation for Economic Co-operation and Development (OECD). The OECD published its final reports last October, and we are now seeing concerted efforts by governments around the world to implement its recommendations. But some matters were held over by the OECD for further work in 2016 and 2017. Among these is a consideration of risk transfers between related parties, particularly in the context of captive insurers. Our first article explores the potential impact of this work. In keeping with the reinsurance theme, we review the position in Canada, where recent years have seen an increase in offshore-related party risk transfers.

Our focus then shifts to the tax landscape for insurers in Singapore, which continues to grow as a global financial center — particularly for insurance. The Singapore Government has responded quickly to the main BEPS recommendations. It has overhauled its incentive regime so that it continues to provide an attractive environment to hub insurance business in the region as part of a tax regime in line with international leading practice. Finally, we look at insurance premium taxes. For many years the “forgotten tax,” premium taxes are beginning to attract attention as rates move up and multinational policyholders are focusing on their obligations and exposures.

We hope these articles will help you navigate the evolving tax environment, and we look forward to sharing our tax insights with you through this series.

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