image credit: Pexels

Global minimum tax proposal may create tax issues for certain insurers: AM Best

November 1, 2021

A new global minimum tax on certain multinational companies will create the potential for double taxation on insurance companies, according to a new report from rating agency, AM Best.

This is given the accounting differences for global insurance companies in different jurisdictions and compared with other industries.

An Organization for Economic Cooperation and Development (OECD) proposal includes a new minimum tax rate of 15% that would apply to companies, including insurers, with revenue above 750 million euros.

Read More on Reinsurance News