Players in the insurance sector are urging Members of Parliament (MPs) to reject the tax proposals outlined in the Finance Bill, 2024. The industry fears that these new taxes will lead to increased costs of insurance, which could have far-reaching negative impacts on both consumers and the economy.
The proposed taxes are expected to raise the cost of insurance premiums, making it more difficult for individuals and businesses to afford necessary coverage. This could lead to a significant decrease in the number of insured individuals and entities, undermining the sector’s growth and stability. Higher insurance costs would also place additional financial strain on consumers already coping with economic challenges.
One of the most pressing concerns voiced by industry leaders is the potential for massive job losses. Increased operational costs and reduced demand for insurance products could force companies to downsize their workforce. This would not only affect employees directly within the insurance sector but also have a ripple effect on related industries and the broader economy.
Insurance industry stakeholders are calling on MPs to carefully consider the broader economic implications of the proposed tax measures. They argue that maintaining a supportive tax environment is crucial for the sector’s health and the overall economic well-being of the country. By rejecting the tax proposals in the Finance Bill, 2024, MPs can help ensure the continued affordability and accessibility of insurance, protect jobs, and support economic stability.
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