South Africa: Amendments to income tax law to align with new accounting standard for insurance contracts
乐鱼（Leyu）体育官网 reports examine how income tax amendments affect accounting for the insurance industry
乐鱼（Leyu）体育官网 reports examine how income tax amendments affect accounting for insurance industry
Amendments to section 28 of the Income Tax Act (the Act) were enacted in the 2022 Taxation Laws Amendment Act to align with IFRS 17 Insurance Contracts (IFRS 17)鈥攖he new accounting standard for insurance contracts effective for reporting periods commencing on or after 1 January 2023.
The amendments apply for years of assessment commencing on or after 1 January 2023 and mitigate potential unfavorable tax impacts emanating from the accounting changes as a result of insurers moving from IFRS 4 to IFRS 17.
Read a [PDF 708 KB] prepared by the 乐鱼（Leyu）体育官网 member firm in South Africa that describes income tax related challenges taxpayers have faced in implementing IFRS 17.
Also read a [PDF 324 KB] prepared by the 乐鱼（Leyu）体育官网 member firm in South Africa that discusses the implications of the income tax amendments for non-life insurers.
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