Richard Cutcher of Captive Review reported in the latest edition that EY is building a working group to lobby the OECD and ensure those writing the upcoming transfer pricing paper are fully educated on what captive insurance companies are about.
“And for this EY should be commended, as the captive industry needs a coordinated response.
A number of captive and risk management associations, as well as industry players have undertaken their own lobbying of the OECD and European Commission (which is embarking on its own new tax collection crackdown), but this has been on a limited basis and to date the industry response has been uncoordinated.
“Compared to the European Union domiciles, some offshore jurisdictions are more parochial and stick to the status quo so they tend to want to stay out of these forward looking issues. I would have thought it would be the offshore locations that will be the biggest target of OECD driven measures????.”
The full article from captive review can be read by subscribers of Captive Review here.
EY provide the latest news on BEPS in their update of 24 October 2016 and provide an overview of the issues for captive insurers in the paper OECD BEPS and EU Anti-Tax Avoidance Directive (Implications for captive insurers)
Useful updates and current news on the subject can be found here in EY’s page on BEPS