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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...
