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Budget 2019 – Insurance industry sees substantial changes in tax legislation

Alwina Brand, PwC Tax Partner was recently quoted in a Business Report article where she shared that the insurance industry has seen a number of substantial changes to tax legislation over the past number of years. Her comments were based on the just released Budget 2019.

She highlighted the following changes:

  • The implementation of Solvency Assessment Management (“SAM”)
  • The promulgation of the new Insurance Act No. 18 of 2017 (‘the 2017 Insurance Act’)

“It appears as if the last of the refinements to the new legislation would comprise the tidying of references to the old legislation governing insurers, i.e. the Long-Term Insurance Act (1998) and the Short-Term Insurance Act (1998) to that of the 2017 Insurance Act”, she commented.

Click here to read the Business Report article.

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