Insurance business is a unique in that it undertakes risks on behalf of individuals and companies. Provides unique service to public, private institutions and individuals. It is an independent, objective, assurance and business activity designed to ensure that an insured person who has suffered a loss should not profit from a loss or damage but should be returned (as near as possible) to the same financial position that existed before the loss or damage occurred, subject to any contractual limitation as to the amount payable. The industry has been profitable for many years and has been an important aspect of private and public long-term finance and that is why it is important to understand how to ascertain and assess the taxable income from the insurance industry
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Module Overview
Managers who own and operate insurance business,
Accountants, Managers, supervisors and staff from tax consultant firms, revenue
managers, revenue officers and staff from revenue authorities, tax assessors,
and any interested persons to enhance knowledge in taxation of insurance
companies
Explain the insurance history, the overview of the insurance business and the principles of insurance.
Describe concepts and terms used in insurance industry
Identify the insurance market and the market players
Explain the scope of insurance business and charge of tax
Compute tax on Gains or Profits of the General and Life Insurance Business
Apply auditing principles to ascertain the correct taxable income.
Requirements
Managers who own and operate insurance business, Accountants, Managers, supervisors and staff from tax consultant firms, revenue managers, revenue officers and staff from revenue authorities, tax assessors, and any interested persons to enhance knowledge in taxation of insurance companies
