The Inland Revenue Authority of Singapore (IRAS) has published an e-Tax guide that explains the income tax treatment of an insurer arising from the changes made to the risk-based capital (RBC) framework, which replaces the circular on "Taxation of life insurers under the risk-based capital (RBC) framework" published on 5 July 2006. In particular, the e-Tax guide addresses the tax treatment of insurers arising from the adoption of the RBC 2 framework, which includes three main changes that have an impact on taxation, including: changes in the amount of policy liabilities as computed under the RBC 2 framework; transitional adjustment...