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 insurance premiums downward trend continues
Comprehensive car insurance premiums have fallen by 6% (£59) between April and June 2024, with UK motorists now paying £882 on average, according to t
Insurance industry see surge sustainable energy patents
The insurance industry is witnessing a significant surge in patents related to clean energy insurance and carbon capture, reflecting a strategic shift
Top 10 items crashed into by drivers
“What might seem an innocuous knock can soon turn out to be a nightmare to resolve” says MD of AA Accident Assist. One in 10 single vehicle crashes in

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


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