ALG praises Senate inclusion of domestic and foreign insurer tax reinsurance equity

 Nov. 15, 2017, Fairfax, Va.—Americans for Limited Government President Rick Manning today praising Senate lawmakers for including a provision in the tax bill to prevent tax avoidance through reinsurance by foreign insurers:

“The Senate’s inclusion of a provision preventing tax avoidance through reinsurance by foreign insurers is a positive step forward in creating tax equity between foreign and domestic insurers. Foreign insurance companies currently avoid paying taxes in the U.S. through a complex offshore scheme known as affiliate reinsurance whereby profits are transferred to a tax haven, and then reinsurance is purchased from the affiliate. We urge the Senate to maintain this provision in the tax bill and to close this loophole.”

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