1. 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)

2. 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

3. 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