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 Shifting (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.