Taxing Insurance Companies (Oecd Tax Policy Studies, 3) by Steven Clark, David Holland, Denis Normand, Organisation for

By Steven Clark, David Holland, Denis Normand, Organisation for Economic Co-Operation and Development

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In many jurisdictions non-insurance companies cannot establish tax reserves for such future contingent expenses. They may only recognise expenses when they become fixed and determinable. In such cases, a liability would be reported on the company’s financial statements, but the company could not claim a reserve for tax purposes in respect of the future liabilities. ) To avoid this situation, companies set up special purpose insurance subsidiaries (captives) to gain a deduction for premium payments to the insurer.

3 Using the face value of expenses overstates the value of the future expense today. © OECD 2001 General Timing and Valuation Issues When using discounting, changes in reserves come from two sources. First the assumptions used to estimate the future expenses may change with the receipt of more information. For example, the total amount expected to be spent may be revised or the rate of interest at which the discount is to be calculated may change. Second, even with unchanged assumptions, the reserve will increase as the present value of the future expense rises with the passage of time.

C. 61 (1991), aff’d in part and rev’d in part Slip. OP. No. 91-3038 (7th Cir. 8/18/92); © OECD 2001 Issues in International Taxation 1. Double Taxation Relief One of the principle purposes of tax conventions is to prevent double taxation of the same income by two different jurisdictions. This can be done by assigning the right to tax exclusively to one jurisdiction, exempting foreign-sourced income in the country of residence of the taxpayer or by taxing such income, but allowing a credit against residence country taxes for taxes paid in the source country.

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