It added that, on top of this, the pension providers were having to meet higher technical provision levels because of rising longevity.Commenting on the upcoming introduction of the European Solvency II Directive on 1 January next year, the regulator said this regime would better reflect the risk inherent in the insurance business than previous solvency requirements had done. “This will be particularly evident in the case of life insurers whose insurance liabilities under the new solvency regime will be recognised at market value,” it said. However, since interest rates are at a low level, the change to the new regime will in some respects involve a big increase in the value of their liabilities compared with the situation now, Finanstilsynet said.“Life insurers are granted a transitional arrangement lasting 16 years in which to complete their technical provisioning,” it said. The regulator said this would ease the solvency requirement for life insurers for a period, but it pointed out that there would be no change in the underlying risk picture.Looking at the picture for the entire financial sector in Norway, Finanstilsynet focused in its report on how the fall in oil prices was affecting Norway’s heavily oil-dependent economy.Lower demand from the petroleum industry has led to much lower activity and hit profitability in sectors selling to the petroleum sector, it said.Finanstilsynet’s director general Morten Baltzersen said: “In the event of a severe setback affecting the Norwegian economy on a broad front, the banks could suffer heavy losses across several parts of their loan books.” The Norwegian financial regulator Finanstilsynet has highlighted the seriousness of the long-term low interest rate environment for the country’s pension providers in its 2015 financial trends report.Releasing the official report today, the regulator said: “The low interest rate level and prospects of low rates for a long period ahead pose a major challenge to pension providers.”It pointed out that a large portion of providers’ liabilities consisted of contracts that carried an annual guaranteed rate of return that was higher than current market interest rates. “Achieving sufficient return on pension assets in a low interest rate regime is difficult,” Finanstilsynet said.
The remaining quarter-finals will be decided today at the Alexandra Palace.Northern Ireland’s Mark Allen will be first into action when he plays Joe Perry in the afternoon session.Later this evening, Stephen Maguire will take-on Shaun Murphy.
AdvertorialNoel O’ Donnell, Mabel McHugh & Michael Coll of The Tax Clinic.The deadline for filing your tax returns and paying your bill is fast approaching.Hundreds of thousands of Irish people have their calculators at the ready as the clocks tick on towards an important date. The upcoming pay-and-file deadline marks the date by which taxpayers must file their return for 2013. The self-assessment system of taxation applies not just to the self-employed, but to anyone with income from sources that are not chargeable under pay as you earn (PAYE). So those with rental income, farming income, foreign incomes must also get their financial house in order in the coming days.Pay and File:Under the ‘Pay and File’ system, October 31st, 2014 is the date by which you must pay1. Any balance of income tax owing for 2013 2. Preliminary tax for the tax year 2014It is also the date by which you must file your tax return for 2013. If you are on the Revenue’s records as self-employed, you should receive a pay and file slip from the tax office to enable you to pay the tax by the due date.Not just for the Self-Employed:Traditionally, filing a tax return is seen as something that the self-employed do at this time of year. However, even if you are an employee, you could still need to file a return. Failing to do so could result in penalties, so make sure you find out in plenty of time if you have a requirement to make a return.Surcharge for Late Returns: You must return the completed 2013 Tax Return on or before 31 October 2014 to avoid a surcharge. If your Return is late the surcharge, which is added on to your tax due, is:• 5% of the liability due where the Return is submitted after 31 October 2014 and on or before 31 December 2014.• 10% of the liability due, where the Return is submitted after 31 December 2014.Audit/Penalties: Self-Assessment Returns are subject to Audit by Revenue, Tax law provides that revenue may make any inquiries or take such actions as are considered necessary to verify the accuracy of a Return.The Tax Clinic is the only business in the Northwest that specialises in offering services to P.A.Y.E workers.Mabel says that “while working for over 20 years in the financial services sector she noted that there was no professional representation for P.A.Y.E workers”. With this in mind Mabel together with Michael, who are both members of The Irish Taxation Institute set up www.thetaxclinic.ie and have gained a huge reputation in this complex area of taxation.Mabel works in The Tax Clinic in Main Street, Killybegs, while Michael now works in their new premises on the High Road, Letterkenny along with The Tax Clinics third partner Noel O’Donnell who has also located Noel O’Donnell & Co Chartered Accountants in the same building.Other Services:We also offer a cost effective payroll outsourcing service. We can also look after your P.A.Y.E and V.A.T compliance and obligations.To find out more log onto www.thetaxclinic.ie or call into either the High Road, Letterkenny or Main Street, Killybegs.Letterkenny Office – 074 91 60550 (Michael)Killybegs Office – 074 97 32055 (Mabel)THE TAX CLINIC REMINDS PEOPLE THAT OCTOBER DEADLINE FOR RETURNS IS FAST-APPROACHING was last modified: October 28th, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:KillybegsLETETRKENNYPAYE workersreturnsThe Tax Clinic