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Tax Compliance

Investment Contracts with Discretionary Participation Features — Accounting Meets Tax

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...

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

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...

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

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...

General Insurance Contracts and the PAA — Simplicity with Tax Complexity

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...

Maximizing Profits, Minimizing Stress: Dawgen Global’s Guide to Mastering Corporate and Personal Taxes

Taxation is a critical component of financial management that affects both businesses and individuals alike. Whether you’re navigating corporate tax responsibilities or managing personal tax filings, strategic tax planning and compliance are essential to financial health, profitability, and peace of mind. At Dawgen Global, we recognize the complexities and stress associated with taxes and aim...

Tax Risk Management: Shielding Your Business from Tax Risks

In today’s ever-evolving business landscape, managing tax risks is a pivotal aspect of corporate governance. Tax regulations and compliance requirements are continually changing, often putting businesses at risk of unforeseen challenges that could lead to penalties, reputational damage, or missed opportunities. Thus, a well-structured tax risk management strategy is imperative to safeguard your business. In...

Navigating the Maze of International Tax Laws: A Guide for Global Businesses

In an increasingly interconnected world, understanding the intricacies of international tax laws has become vital for businesses looking to expand beyond their borders. The complexity of tax jurisdictions, compliance with international agreements, strategic tax planning, leveraging incentives, adhering to transfer pricing norms, facing digital taxation challenges, staying abreast of global tax reforms, and seeking expert...

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Dawgen Global is an integrated multidisciplinary professional service firm in the Caribbean Region. We are integrated as one Regional firm and provide several professional services including: audit,accounting ,tax,IT,Risk, HR,Performance, M&A,corporate recovery and other advisory services

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Taking seamless key performance indicators offline to maximise the long tail.
https://www.dawgen.global/wp-content/uploads/2023/07/Foo-WLogo.png

Dawgen Global is an integrated multidisciplinary professional service firm in the Caribbean Region. We are integrated as one Regional firm and provide several professional services including: audit,accounting ,tax,IT,Risk, HR,Performance, M&A,corporate recovery and other advisory services

Where to find us?
https://www.dawgen.global/wp-content/uploads/2019/04/img-footer-map.png
Dawgen Social links
Taking seamless key performance indicators offline to maximise the long tail.

© 2023 Copyright Dawgen Global. All rights reserved.

© 2024 Copyright Dawgen Global. All rights reserved.