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Bermuda's Validus Re sues US Gov't for 'erroneously' charging taxes on foreign transactions

January 28, 2013 by David Marchant

HIGHLIGHTS

  • Validus Re claims tax was wrongly assessed on reinsurance transactions conducted outside US
  • Premiums on the underlying US risks were already paid on the initial transactions with the US insureds, claims Validus Re
Bermuda-based Validus Reinsurance, Ltd. is suing the United States Government for failing to refund $435,380 in taxes and interest payments that the reinsurer claims it was "erroneously assessed" for the 2006 tax year. At the core of the dispute is whether reinsurance purchased by Validus Re from other foreign reinsurers is taxable as a so-called "cascading" tax.

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