TAJ

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

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 Audit and Assurance Audit and Assurance Services Audit firm

The Contractual Service Margin (CSM) Decoded — Profit Recognition under IFRS 17

July 4, 2025by Dr Dawkins Brown

At the heart of the IFRS 17 Insurance Contracts standard lies the Contractual Service Margin (CSM) — a powerful concept that fundamentally changes how insurers recognize revenue and profit. In contrast to traditional models that front-loaded income upon premium receipt, IFRS 17 mandates a systematic deferral and gradual recognition of profits over the life of...

Accountants and accounting firm accountants and auditors Accountants and Auditors in Kingston Jamaica Advisory Services

IFRS 17 in Jamaica: Reimagining Insurance Accounting through a Tax Lens

July 4, 2025by Dr Dawkins Brown

The implementation of IFRS 17 Insurance Contracts, effective January 1, 2023, marks a watershed moment for the insurance industry in Jamaica. Developed by the International Accounting Standards Board (IASB), IFRS 17 introduces a consistent framework for recognizing, measuring, presenting, and disclosing insurance contracts. However, its adoption carries significant tax implications, prompting Tax Administration Jamaica (TAJ)...

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

The Contractual Service Margin (CSM) Decoded — Profit Recognition under IFRS 17

IFRS 17 in Jamaica: Reimagining Insurance Accounting through a Tax Lens

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