Solvency Assessment Management (SAM) Tax Task Group – submission to Standing Committee on Finance – 9 November 2016 2016 Taxation Laws Amendment Bill –

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Presentation transcript:

Solvency Assessment Management (SAM) Tax Task Group – submission to Standing Committee on Finance – 9 November 2016 2016 Taxation Laws Amendment Bill – proposed amendments to section 29A (taxation of long-term insurers)

SAM Tax Task Group – Background Engagement to date IFRS as agreed future basis (IFRS 17) Three phased approach agreed Phase I: RPF integration Phase II: transitional phase Phase III: IFRS 17 2016 TLAB amendments

SAM Tax Task Group – 2016 TLAB amendments Objective of this submission: Update SCOF Request clarity on the interpretation and application of the amendments Highlight potential risks Agree a process to ensure certainty Submission made to National Treasury on 4 November 2016 Examples included (prepared by independent accounting professionals and industry players to demonstrate aforementioned) Recommended wording to clarify interpretation Expectation is a formal response from National Treasury and further engagement on wording since principles have been agreed Due to complexity of the matter the objective is to get consensus on interpretation prior to promulgation, even if require further amendments