Singapore: New e-Tax Guides on taxation of insurers arising from adoption of FRS 117

Tax framework for transfer of business by insurers

Tax framework for transfer of business by insurers

The Inland Revenue Authority of Singapore (IRAS) issued a new e-Tax Guide entitled “Income Tax: Taxation of Insurers Arising from Adoption of FRS 117–Insurance Contracts” that applies to insurers for financial years beginning on or after 1 January 2023.

The IRAS also issued a new e-Tax Guide entitled “Tax Framework for Transfer of Business by Insurers” that provides details on the tax framework for transfer of business by insurers licensed under Section 11 of the Insurance Act 1966 (IA) effected by a scheme of transfer under Section 117 of the IA made on or after 1 November 2021.

The KPMG member firm in Singapore prepared a December 2022 report [PDF 291 KB] summarizing and providing insights on the new guides.


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