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Taxation of insurers arising from the adoption of FRS 117
This alert summarises the income tax treatment in the e-Tax Guide and is relevant for all insurers, unless otherwise specified by the IRAS.
The Inland Revenue Authority of Singapore (IRAS) has issued an e-Tax Guide Income Tax: Taxation of Insurers Arising from Adoption of FRS 117 – Insurance Contracts on 21 October 2022 to provide guidance on the income tax treatments arising from the adoption of Financial Reporting Standards (FRS) 117.
This alert provides a summary of the income tax treatment prescribed in the e-Tax Guide and is relevant for all insurers, unless otherwise specified by the IRAS.