JLT Towner Insurance Management has begun the search for two accountants to assist with its portfolio of captives and risk retention groups, due to recent growth.
Marsh’s annual captive benchmarking report, released at the 2014 RIMS Conference, finds that only one-third of US captive owners treat their captives as insurance companies for US federal income tax purposes.
Hong Kong’s Legislative Council has passed an Inland Revenue Amendment that will provide a 50 percent tax concession on the profits of captive insurers.
Cayman has welcomed three new captive managers in recent months as it looks to further develop its global position.
Captives making intercompany loans to their parents need to take into account potential liquidity concerns and the impact this may have upon their ability to pay claims.
Captives can help to create a level of clarity around tax that could prove beneficial to tax authorities and corporates alike.
Cayman and Malta have signed a tax information agreement in London as the two build their network of international tax accords.
According to Charles Winter, UK controlled foreign companies (CFC) regulatory changes must be examined on a case-by-case basis to determine what the material benefits to captive owners will be.
Recent proposals by senate Democrat for Montana, Max Baucus to impose a one-off 20 percent tax held offshore by US multinationals are unlikely to affect captives or make it further than a gridlocked Capitol Hill.
Guernsey, which just signed its 50th Tax Information Exchange Agreement (TIEA), has been commended for its leadership by the Organisation for Economic Cooperation and Development (OECD).