Income tax challenges expected from the implementation of IFRS 17 Insurance Contracts

IFRS 17 Insurance Contracts (IFRS 17) has been waiting in the wings for several years, with the standard becoming effective for annual reporting periods commencing on or after 1 January 2023. A number of industry bodies were formed to understand what the implementation of IFRS 17 would mean from various perspectives, ranging from accounting and tax to actuarial modelling and regulatory reporting.