, Japan
Photo by Kelly Sikkema from Unsplash

General Insurance Association of Japan shows tax reform requests FY2024

The reforms shall contribute to economic growth and societal development.

Japan’s General Insurance Association (GIAJ) has shared its fiscal year 2024 tax reform requests which shall contribute to economic growth and societal development within the general insurance sector.

Amidst an alarming increase in natural disasters, GIAJ aims to Enhance the Catastrophic Loss Reserve system for fire insurance to support stable operations.

The association would also like to consider the characteristics of the general insurance business during the revision of international taxation rules.

Further, it targets to solve consumption tax issues related to general insurance, such as "tax accumulation" and "tax neutrality impediment."

GIAJ stated it wants to remove the special corporate tax on defined contribution pension plans for individual and corporate pension funds.

ALSO READ: Japanese insurers, banks to build sustainable finance platform

To encourage the adoption of the residential earthquake insurance premium tax deduction system, GIAJ seeks to consider measures.

The remaining reforms are identifying improvements to the non-taxable dividend income system to eliminate double taxation of dividend income and continue the current corporate enterprise taxation formula for general insurance businesses, which is already income-based.

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.