Winds Of Change For Insurers: New Challenges In 2017

In recent months, insurers have been grappling with a number of tax developments that will deeply affect their business outlook. The changes have come from different quarters—new direct tax rules such as minimum and wealth tax; a whole raft of fiscal reform measures; and new requirements pertaining to tax transparency and the automatic exchange of information under FATCA, CRS and DAC2.

Insurers have to pay particular attention to tax transparency and to the new rules introduced by BEPS. In addition, they have to ensure that profits are correctly allocated within groups, VAT is properly handled, transfer pricing principles are adopted and respected, and country-by-country reporting, in the shorter term, is fully implemented.