The rate of change is accelerating in this digital age and presenting new tax risk management challenges across all industries, including insurance.
With the backdrop of requirements for greater controls and disclosures, insurance companies face increasing challenges to manage their global tax and reporting requirements. Some of the tax risks include: failing to comply with tax laws, transactions generating unintended tax consequences, inaccurate financial reporting and related disclosures, and tax authorities changing their approach with increased risks for multiple taxation of items from various jurisdictions. Furthermore, with increased regulatory requirements, insurance companies need to accurately model their taxes under a variety of scenarios.
In this chapter of the ‘Evolving Insurance Risk and Regulation’ publication, we consider the latest tax risks facing the industry in light of the recent reports published by the Organization for Economic Cooperation and Development’s (OECD) on Base Erosion and Profit Sharing (BEPS). Areas covered include:
For more information or to discuss the best approach for your organization in meeting these challenges, and turning them into an opportunity, please contact your local KPMG contact.
In this chapter, we provide a general overview of the forthcoming international financial reporting standard.
© 2017 KPMG, a group of Bermuda limited liability companies which are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
KPMG International has created a state of the art digital platform that enhances your experience, optimized to discover new and related content.