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Tax bill delayed

The government has agreed to pressure from the life insurance industry to put off implementation of a new tax bill.

Monday, February 9th 2009, 5:04AM

The changes were due to come into effect on April 1 this year and are expected to have a wide ranging impact on products and premium structures.

While the start date is not far away the actual bill is still before the Finance and Expenditure Select Committee.

It is not expected to be passed until June or July at the earliest.

This creates a dilemma for life insurers that would require insurers to amend systems to ensure that life insurance statistical information is amended before the outcomes of the FEC work and the final format of the new regime is finally settled,” Investment and Savings chief executive Vance Arkinstall says in an email to members.

“Understandably, life insurers will be reluctant to invest capital in systems work until the final requirements are known.”

After a meeting with ISI representatives the Minister of Revenue, Peter Dunne, has said that the application date would be deferred to a more suitable date.

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