TAX Treatment of Insurance Benefits
TAX Treatment of Insurance Benefits
Author(s): Elena-Cristina SavuSubject(s): Law, Constitution, Jurisprudence, EU-Legislation, Commercial Law
Published by: EDITURA ASE
Keywords: tax; insurance benefits; tax relief; taxable income;
Summary/Abstract: The recent provisions of the Fiscal Procedure Code of Romania introduced by GEO 125/2024 and justified to ensure compliance with Article 5 of Directive 2010/24/EU on mutual assistance in recovery of claims relating to taxes, duties, and other measures are about to create a new obligation for the insurers, namely to report information on life insurance and other financial products concluded on the territory of Romania. This mechanism allows the authorities to know if a person concluded a life insurance contract in Romania with the purpose of recovery eventual taxes or fines from another member state. The issue at stake is that these measures are about to affect the tax treatment of insurance benefits in some cases.
Journal: European Business Law Journal
- Issue Year: 3/2024
- Issue No: 2
- Page Range: 89-93
- Page Count: 5
- Language: English
