With the Omnibus II agreement finally reached, the entry in force of Solvency II is now set for the first of January 2016. Nevertheless, much uncertainty remains as to many practical aspects impacting more or less significantly the solvency position of (re)insurers. One of the most critical and material items that requires further definition or guidance, is definitely deferred taxes. Therefore, for the time being, it appears essential for any (re)insurance undertaker to have a clear view and understanding of the texts in force. This paper intends to provide that insight, and offers a phased methodology in order to value taxes consistently in the Solvency II economic balance sheet.