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Oct 8 2010 12:47PM
10 percent of global reinsurers close doors on Indian companies

Nearly 10 percent of the world&39;s reinsurance markets have closed down for Indian insurers following the government&39;s decision to tax premium paid out by domestic companies to global underwriters. Last year, the government made it mandatory for insurance companies to deduct tax at source for all reinsurance transactions. Insurance companies had earlier argued that reinsurance companies do not have any set-up in India and do not attract the provision of Section 9 of the IT Act which describes income deemed to accrue or arise in India. Companies which are dealing with underwriters in countries where there is a Double Taxation Avoidance Agreement (DTAA) have found a way around the problem, but a significant amount of reinsurance — almost 10 percent — is done outside the DTAA countries.
 
 
 
 
 
 
 
 
 
     
 
     
 
 
 
 
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