On 10 November 2011 in Vaduz, KPMG (Liechtenstein) AG held an event on “Challenges in cross-border insurance business”. Professor Martin Wenz, Chair for Tax Management and the Laws of Liechtenstein and International Taxation at the University of Liechtenstein, spoke about the tax aspects of cross-border insurance business.
On 10 November 2011 in Vaduz, KPMG (Liechtenstein) held an event on “Challenges in cross-border insurance business”. Professor Martin Wenz, Chair for Tax Management and the Laws of Liechtenstein and International Taxation at the University of Liechtenstein, spoke about the tax aspects of cross-border insurance business.
After a short introduction, Professor Wenz went into particular detail on the taxation of insurance contracts in Liechtenstein, Germany, Austria and Switzerland, including their formation, term, (partial) cancellation, gifts, inheritance, sales, maturity and death benefits. In addition to the risks, he also demonstrated ways in which this field of business can be structured attractively and operated successfully in the future, while adhering to foreign tax laws.
As part of the event, the following topics were also discussed:
- Regulatory framework conditions in cross-border insurance business
Dr. Alexander Imhof, FMA, Liechtenstein
- Due diligence aspects
Pascal Sprenger, KPMG, Switzerland
- Foreign Account Tax Compliance Act (FATCA): How is the insurance industry in Liechtenstein affected?
Patrick Scholz, KPMG, Switzerland
- Processes and IT aspects
Raffael Schweitzer, KPMG, Switzerland
KPMG is a global network of companies providing audit, tax and advisory services in 150 countries. This year’s event organized by KPMG (Liechtenstein) AG was directed at experts from the following areas: legal, compliance, regulatory, due diligence and finance.