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Insurance Europe concerned about new tax directive

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Insurance Europe, the European trade association for insurers, expresses its concerns about the new tax directive of the Organisation for Economic Co-operation and Development (OECD).

The aim of the directive is to ensure that companies pay a fair amount of tax, but according to the umbrella organisation, the proposals for insurers do not work equally well everywhere.

For example, the directive leads to the abolition of certain national exemptions such as corporate income tax, which does not apply, for example, to Dutch health insurers and certain pension insurers. Also from Insurance Europe in the consultation letter the fear that these different entities within an insurer can be seen as one investment fund of the insurer. This has to do with the OECD's definition of "full ownership" for insurance investment funds. Finally, the insurance umbrella organisation is afraid that the directive will impose double taxation on insurers' investment funds.

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