Insurers criticise IMF tax plan

Insurance lobby group The Geneva Association, yesterday wrote to the G20 group of nations criticising proposals to subject insurers to a global financial services tax, calling it unfair and deeming it detrimental to consumers. The group describes the tax proposals, as set out by the International Monetary Fund as “inappropriate and arbitrary”. The move by the Geneva Association comes after the G20 said last week that the IMF needed to do more work on its proposals for a levy on the balance sheets and profits of financial services companies.