General Insurance Article - Insurers raise serious concerns about EU tax plans


Insurance Europe has shared its views on the European Commission’s proposal for a 'Business in Europe: Framework for Income Taxation (BEFIT)'. While the insurance industry supports the goal of harmonising corporate tax rules across the EU, it raises serious reservations about the current draft EU Directive.

 The industry is concerned about the interplay between the proposed European framework and existing legislation, notably the EU's Minimum Corporate Taxation Directive and the Country-by-Country Reporting (CbCR) Directive.

 The industry also notes that the relation between BEFIT and the already implemented International Financial Reporting Standard (IFRS) 17 and 9 is not clear and must be addressed before the draft Directive is adopted.
 
 Furthermore, the insurance industry is concerned about the level of flexibility for Member States in applying additional post-allocation adjustments in areas not addressed by the common framework. Insurance Europe calls for a limit to possible national adjustments, to achieve the goal of a streamlined, European, corporate taxation framework. The proposal should also effectively consider aspects specific to the insurance industry, such as the tax treatment of technical reserves.
 
 Therefore, to achieve a clear and coherent legislative framework, and to avoid undue burden on companies, the insurance industry urges EU legislators to postpone negotiations on BEFIT until any legislative overlap is clear and addressed.

 Business in Europe: Framework for Income Taxation (BEFIT)

  

  

Back to Index


Similar News to this Story

Car and home insurance premiums continue downward trend
Insurance premiums for both motor and home continued their downward trajectory in Q2 2025, but the latest data from Pearson Ham Group’s General Insura
Cyber insurance as a risk mitigating tool
Morningstar DBRS released a commentary about cyber insurance as a risk mitigating tool against enhanced cyber risks affecting corporates, small and me
Call for simplification of EU cybersecurity regulation
Insurance Europe has welcomed the European Commission’s review of the Cybersecurity Act (CSA) and the forthcoming digital omnibus initiative, supporti

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.