It is not clear whether tax reform will be enacted in the short term and, if it is, what the details would be. However, one of the proposals receiving significant attention is the House Republican “blueprint.”*
* A Better Way—Our Vision for a Confident America, (June 24, 2016) (a document referred to as the “blueprint” published by the House of Representatives Republican Tax Reform Task Force).
KPMG has prepared a report with observations on whether and how a “destination-based cash flow tax with border adjustment” (“DBCFT”) like that described in the blueprint might apply to insurance and reinsurance transactions.
This report is intended to describe the complexity of the issues and to raise questions. It is not intended to reach any conclusions or to express a KPMG LLP position on the tax or how it should apply to insurance or financial transactions more broadly. It has been updated as of April 7 to more clearly reflect this. If you have questions, your tax contact at KPMG would be happy to discuss questions and implications.
Read an April 2017 report [PDF 1.4 MB] prepared by KPMG LLP
For more information, contact a KPMG tax professional:
Philip M. Jacobs | +1 (212) 954-1191 | firstname.lastname@example.org
Clarissa C. Potter | +1 (212) 872-6913 | email@example.com
Tal S. Kaissar | +1 (212) 872-3880 | firstname.lastname@example.org
Stuart B. Katz | +1 (212) 954-6674 | email@example.com
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