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