THE TAX TREATMENT OF INSURANCE UNDER A CONSUMPTION TYPE, DESTINATION BASIS VAT

Vicky Barham · Satya N. Poddar · John Whalley

53 citations0/0 files storedNational Tax Journal

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Economic and Fiscal Studies Taxation and Legal Issues Insurance and Financial Risk Management

Abstract

This paper discusses conceptual and practical issues involved in implementing a consumption type value added tax on insurance services. The principal service provided by insurers to policyholders is intermediation in arranging risk pooling. For pure insurance the value of these services is shown to be the difference between premiums and claims. The treatment of life insurance and annuities is somewhat more complicated because they also involve intermediation between savers and investors, besides the pooling of risk. Complications stemming from border tax adjustments and tax rate changes are also discussed.

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1948Agenda for Progressive Taxation.

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1989The effect of the investment tax credit on the value of the firm

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