S.L. 123.216 Art. 1Citation, commencement and applicability.

(1) The title of these rules is the Taxation of Business of Insurance following the adoption of the International Financial

Reporting Standard 17 Insurance Contracts Rules.

(2) These rules shall be deemed to have come into force with effect from the year of assessment 2024 in relation to accounting periods which commenced on, or after 1st January 2023.

(3) These rules shall apply to any person that derives gains or profits wholly or in part from the business of insurance as an insurer, insofar as it concerns the gains or profits derived by such person from the business of insurance and in cases where such person has adopted the International Financial Reporting Standard 17.