Insurance Ireland has submitted its Pre-Budget Submission for 2024. Insurance Ireland is proposing the prioritisation of seven key policy measures including: 

1. A Transparent and Sustainable Pensions Environment – further consideration to the utilisation of the experience and the expertise of the existing pension infrastructure and providers currently operating successfully in the Irish market

2. Sustainable Finance – deliver sustainable objectives for society and lead the development of targeted policy and concrete measures to close the sustainability investment gap

3. Irish Motor Insurance Database – ensure operational readiness and resourcing to utilise the new system to verify insurance status and detect non-compliant drivers

4. OECD International Taxation Consultation – Ensure some of the unique aspects of the tax and accounting regimes for insurance companies are considered in the Model Rules and Administrative Guidance

5. Equalising the taxation treatment of financial products – Equalise the Life Exist Assurance Tax rate with that of Capital Gains Tax and Deposit Interest Retention Tax

6. Cross Border Taxation – Consider standard de minimis rules across countries where employees could work in another country without giving rise to a tax obligatio

7. Benefit in Kind on Corporate Paid Dental Insurance Benefits – Expand dental coverage for Irish workers and their families by eliminating the BIK tax on corporate paid dental insurance benefits

Insurance Ireland Pre-Budget Submission for 2024

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