Dr Dawkins Brown

Building a Future-Ready Legal Framework: Contracts, Compliance, and Corporate Resilience

Legal Infrastructure as a Strategic Advantage In today’s volatile business landscape, legal readiness is no longer optional—it is a competitive necessity. The absence of strong contracts, poorly defined ownership rights, or inconsistent compliance practices can stall growth, trigger disputes, or expose a company to regulatory scrutiny. At Dawgen Legal, our corporate and commercial legal services...

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IFRS 17 and Jamaican Income Tax Law — Reconciling Global Standards with Local Regulations

July 8, 2025by Dr Dawkins Brown

The adoption of IFRS 17 Insurance Contracts marks a seismic shift in global insurance accounting. Designed to increase comparability, transparency, and risk insight, IFRS 17 introduces profound changes in how insurers recognize revenue, expenses, and liabilities. But for Jamaican insurers, there’s a twist: compliance with IFRS 17 must coexist with the framework of Jamaica’s Income...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica accounting firm Audit and Assurance Audit and Assurance Services Audit firm Tax Firm Tax Planning Services Taxation Services

Investment Contracts with Discretionary Participation Features — Accounting Meets Tax

July 8, 2025by Dr Dawkins Brown

Under IFRS 17, certain investment contracts—those with Discretionary Participation Features (DPF)—fall within the standard’s scope, even though they may not transfer significant insurance risk. These contracts blur the line between investment management and insurance, and their treatment carries both accounting complexity and important tax implications. In its Technical Advisory, Tax Administration Jamaica (TAJ) has acknowledged...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica accounting firm Tax Firm Tax Planning Services Taxation Services

OCI and Taxation — The Unseen Impacts of Insurance Finance Income Presentation Choices

July 8, 2025by Dr Dawkins Brown

One of the lesser-discussed, yet highly impactful features of IFRS 17 is the option for insurers to present insurance finance income or expense either in the profit or loss (P&L) statement or in Other Comprehensive Income (OCI). While this may seem like an accounting classification choice, it carries significant tax implications in Jamaica. The TAJ...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica accounting firm Tax Firm Tax Planning Services Taxation Services

Onerous Contracts and Tax Adjustments — What the TAJ Will (and Won’t) Recognize

July 7, 2025by Dr Dawkins Brown

One of the most transformative features of IFRS 17 is its treatment of onerous contracts—insurance contracts that are expected to generate a net loss over their coverage period. While IFRS 17 mandates immediate recognition of losses from onerous contracts, the Tax Administration Jamaica (TAJ) has issued firm guidance stating that not all of these losses...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica accounting firm Advisory Services Audit and Assurance Audit and Assurance Services Tax Firm Tax Planning Services Taxation Services

The Fair Value and Modified Retrospective Approaches — Choosing the Right Path to Transition

July 7, 2025by Dr Dawkins Brown

The adoption of IFRS 17 Insurance Contracts represents a transformational shift in how insurance companies measure and present their financial results. A critical challenge lies in how to transition from IFRS 4 to IFRS 17, particularly for existing insurance contracts. IFRS 17 offers three transition approaches: the Full Retrospective Approach, the Modified Retrospective Approach (MRA),...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica accounting firm Audit and Assurance Audit and Assurance Services IFRS 17

Unpacking IFRS 17: The Premium Allocation Approach (PAA) and its Challenges

July 7, 2025by Dr Dawkins Brown

A New Era of Insurance Reporting IFRS 17, effective from 1 January 2023, has redefined how insurance contracts are measured and reported globally. Replacing IFRS 4, this new standard aims to increase transparency, consistency, and comparability in financial statements by applying a uniform approach to insurance contract valuation. Among its key features is the Premium...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica Audit and Assurance Audit and Assurance Services Audit firm

General Insurance Contracts and the PAA — Simplicity with Tax Complexity

July 7, 2025by Dr Dawkins Brown

For many general insurance companies, the Premium Allocation Approach (PAA) under IFRS 17 offers a simplified framework for measuring liabilities and recognizing revenue. It’s especially attractive for short-duration contracts like auto, property, liability, and accident policies. However, simplification in accounting doesn’t necessarily translate to simplification in tax. In Jamaica, the TAJ Technical Advisory on IFRS...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica Advisory Services Audit and Assurance Audit and Assurance Services Audit firm Financial Strategy

Life Assurance under IFRS 17 — A New Tax Narrative for Policyholder Protection

July 7, 2025by Dr Dawkins Brown

Life assurance companies operate under long-term, complex contractual obligations that require precise actuarial forecasts and careful financial planning. With the introduction of IFRS 17, the landscape for life insurers in Jamaica has fundamentally changed—impacting not just how revenue and profits are recognized, but also how tax liabilities are calculated and reported. To support a smooth...

Strategic Planning Tax Firm Tax Planning Services Taxation Services

Smart Tax Structuring for Growth: Aligning Business Models with Tax Efficiency

July 5, 2025by Dr Dawkins Brown

Growth Is Good—Unless It Triggers Tax Exposure Every successful business faces inflection points—scaling operations, entering new markets, restructuring ownership, or raising capital. But as operations grow more complex, tax obligations grow with them—unless the business structure is carefully planned. Tax structuring is not about avoiding taxes—it’s about aligning your business model with local and international...

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Older Posts

Building a Future-Ready Legal Framework: Contracts, Compliance, and Corporate Resilience

IFRS 17 and Jamaican Income Tax Law — Reconciling Global Standards with Local Regulations

Investment Contracts with Discretionary Participation Features — Accounting Meets Tax

OCI and Taxation — The Unseen Impacts of Insurance Finance Income Presentation Choices

Onerous Contracts and Tax Adjustments — What the TAJ Will (and Won’t) Recognize

The Fair Value and Modified Retrospective Approaches — Choosing the Right Path to Transition

Unpacking IFRS 17: The Premium Allocation Approach (PAA) and its Challenges

General Insurance Contracts and the PAA — Simplicity with Tax Complexity

Life Assurance under IFRS 17 — A New Tax Narrative for Policyholder Protection

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