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Daily Tax Report: International

IRS Mulls Reinsurance Standards as It Writes Base-Erosion Rules

May 30, 2019, 6:59 PM

The IRS is placing some weight on regulatory and accounting standards for the reinsurance industry as it works through final tax rules on base erosion, an official said.

“It’s definitely a point that is brought up in a number of comments that we’ve received on reinsurance with respect to netting—the fact that the reinsurance industry is very heavily regulated and a lot of the reason that their contracts are set up the way they are is due to regulatory and also accounting standards,” said Angela J. Walitt, attorney-adviser at the Treasury Department’s Office of Tax Policy. Walitt spoke May 30...

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