SAIT half-day seminars: VAT on short-term insurance – 16 Sep 2014


KPMG will be hosting this seminar to help you better understand the VAT treatment to be followed in the short-term insurance industry.

Following Binding General Ruling 14 (which took effect 1 April 2014), the focus of the seminar will include:

  • the changes brought about by BGR 14,
  • the timing of input and output tax on premiums and commission,
  • value of sums insured,
  • input tax claims and deductions in respect of claims,
  • VAT on bonuses,
  • recoveries,
  • excess payments,
  • insurance to non-residents,
  • documentary requirements to apply zero rate and/or to claim input tax,
  • and various other topical aspects and recent developments.

Course content

Topics that will be covered include:

  • The ambit of VAT on short-term insurance.
  • Input tax claims by insurer vs section 8(8) liability of the insured and documentation.
  • Agent vs principal.
  • Premiums, commissions, fees, no-claim bonuses.
  • Inward and outward reinsurance.
  • Trade payments vs claims payments and claims costs.
  • Recoveries including reinsurance, 3rd party and salvage.
  • VAT treatment of excesses, self-insurance, inner excess and documentation (BGR 14).
  • Value of sums insured.
  • Group insurance including policy wording and documentation.
  • Co-insurance
  • Most recent developments.

Who should attend?

  • Underwriters
  • Claims handlers
  • Loss adjusters
  • Reinsurers
  • Brokers
  • And other intermediaries

Continuing Professional Development (CPD)

This event and successful completion of the online assessment will secure 4 hours verifiable output CPD points/units.


  • R1,700 (incl. VAT)

When and where

  • 16 September 2014
  • From 08h30 to 12h30 (registration from 08h00)
  • KPMG Crescent Auditorium, 85 Empire Road, Parktown, Gauteng, South Africa

For more information, please email Ingrid Erwee.

Register for this seminar.