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.
In December, our tax experts shared their experience of the most
relevant, concrete, current and important difficulties met by
insurers, and the elements which must be considered in terms of
governance and the implementation of IT projects. Key messages from
this conference include the game changer that BEPS action 7 on
permanent establishment represents for a Luxembourg insurance
market built on the freedom to provide services, the importance of
documentation and transfer pricing documentation and the upcoming
FATCA/CRS reporting for which KPMG has designed a unique solution
based on integrated and automated reporting tool.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Here in Luxembourg, LPEA are holding an event which will offer new initiatives by bringing General Partners (GPs) and Limited Partners (LPs) together to examine and speak on the industry from the “360” perspective, leaving no stone unturned. We are a sponsor of the event, as well as having a speaker present. David Capocci, Partner and Head of Alternative Investments will be offering his own insight on the industry nowadays.
The conference will centre on the new tax normal, full transparency, and specifically the role of private bankers in this new age. Originally perceived as a threat to existing business models, full tax transparency may actually hold new opportunities for private bankers.
ICT Spring is a global technology conference that welcomes various international professionals from the technology space. It is a two-day yearly event which is held in Luxembourg City, “at the heart of Europe, and offers the participants a unique opportunity to deepen their digital knowledge, capture the value of the fast-growing FinTech industry, and explore the impact of space technologies on terrestrial businesses, through exhibitions and demonstrations of the latest tech trends and innovations.”
In the light of concerns raised in industry feedback, the Bermuda Monetary Authority (BMA) has decided to postpone the introduction of various adjustments to the Bermuda Solvency Capital Requirement (BSCR) standard formula that were proposed in its November 2016 Consultation Paper.
The MFSA has issued new guidelines on Product Oversight and Governance arrangements by insurance undertakings and insurance distributors as required by the Insurance Distribution Directive ("IDD") to be implemented by manufacturers of insurance products.
Despite the notable uncertainty concerning the United Kingdom and Gibraltar's future trading relationship with the European Union, there are a number of upcoming developments which the Gibraltar insurance industry and its stakeholders should be monitoring.
In less than ten months, the Insurance Distribution Directive (‘IDD') will be repealing the current Insurance Mediation Directive regulating the activities of insurance undertakings, insurance intermediaries and insurance ancillary intermediaries.
The Cayman Islands is home to over 700 captive insurance companies. The word ‘captive' refers to the relationship between the insurance company and its owner.
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