Blog

Tax authorities have increased their focus on the insurance industry to ensure Insurance Premium Tax (IPT) and parafiscal taxes are collected correctly, accurately, and on time. Operating in multiple countries inevitably means also having to comply with many local regulations in line with IPT statutory and parafiscal filing. Compliance regimes can be simple or complex, […]

Meet the Expert is our series of blogs where we share more about the team behind our innovative software and managed services. As a global organisation with tax experts across all regions, our dedicated team are often the first to know about new regulatory changes, ensuring you stay compliant. We spoke to Beverleigh Gunner, Compliance […]

The new rate for Insurance Premium Tax (IPT) was published in the Spanish Gazette (BOE) on 31 December 2020. It increases from 6% to 8%. This increased rated applies to the first tax period of 2021 (for submissions to be made the next February). In this blog, we’ll look at the challenges faced by insurers […]

From April, insurers will start to make their first electronic filing of Insurance Premium Tax (IPT) in Luxembourg using the new online submission portal – myGuichet. Along with other European territories, the Luxembourg tax authority has sought to streamline and improve IPT collection and administration. Using an online portal is an efficient and secure way […]

Although insurance companies do their best to settle their tax liabilities in the most compliant manner, historical liabilities may still occur. Here is an overview of the different types of historical declarations with some insurance premium tax (IPT) examples. When a tax liability becomes a historical liability Let’s start with a simple chart: Are we […]

2021 sees several significant regulation changes for insurers when complying with insurance premium tax (IPT) across Europe. These include a new reporting system, an IPT increase, and new exemptions. To help insurers understand these changes, in this blog we’ll look at each of these changes. Spain – IPT increase Probably the most significant change this […]

Meet the Expert is a series of blogs to share more about the team behind our innovative software and managed services. As a global organisation with tax experts across all regions, our dedicated team are always keeping abreast of the latest regulation changes to ensure our customers stay compliant. What is your role and what […]

Towards the end of last year, the German federal parliament (Bundestag) published the law on the modernisation of insurance tax. This law included several changes that affected Insurance Premium Tax (IPT). It will become mandatory to file tax returns online. This change will take effect from 1 January 2022 and encompasses all tax debtors. Currently, […]

Meet the Expert is a series of blogs to share more about the team behind our innovative software and managed services. As a global organisation with tax experts across all regions, our dedicated team are always keeping abreast of the latest regulation changes to ensure our customers stay compliant. We spoke to Elliot Shulver, Consulting […]

HMRC, the UK’s tax authority, is asking for responses to its Insurance Premium Tax: Administration and Unfair Outcomes Consultation, by 5 February 2021. The first consultation and call for evidence for Insurance Premium Tax (IPT) was back in 2019 and questions focused on the modernisation of IPT and efficiency improvements for businesses and HMRC. It […]

From underwriting to reporting, the insurance industry is having to adjust and by choice or imposed, is embracing the digital evolution of its practices. On the reporting front, more tax authorities are forcing insurance companies to tailor their internal processes by jurisdiction, directly impacting the collection of information at the underwriting stage. Digitized services continue […]

Just like in every jurisdiction, settling tax liabilities compliantly is important to avoid penalties and other consequences. But in Hungary there are additional benefits to a taxpayer if tax liabilities are settled as compliantly as possible. As of 1 January 2016, Hungary introduced the so-called taxpayers’ qualification system. This means the Hungarian Tax Office (HUTA) […]

Location of Risk is the foundation of any discussion concerning Insurance Premium Tax (IPT). Once you have correctly established the Location of Risk on a policy, you are on the cusp of determining what indirect taxes are due. This blog provides you with an overview on Location of Risk. For a deep dive read our […]

Insurance premium tax (IPT) deadlines – whether it’s month end, quarterly IPT filings or end of year, can be stressful for insurance tax teams juggling regular workloads alongside the added pressure of ensuring filing is completed accurately and on time. To help, we wanted to offer some guidance on how to navigate deadline season successfully. […]

Since the Covid-19 outbreak, the insurance industry has been put under the spotlight in France, sometimes being the scapegoat for failing to compensate its insureds. Exceptional tax, insurance premiums frozen, contribution to Solidarity Funds and schemes are all examples of the measures taken. In this blog we detail the different steps taken by local authorities […]

The new stamp duty requirements in Portugal will come into effect in February 2021, having been previously delayed. The delay has given insurers extra time to prepare for the upcoming changes but even with that additional buffer, many may still be unsure of the requirements and what is expected of them. The new system will […]

With tax calculations being mainly data-driven in the insurance industry, it’s imperative that data provided is complete and accurate. Yet gaps in datasets and missing information still happen from time to time presenting a challenge for insurance companies. These gaps can cause a delay in filings which in turn, can lead to penalties and interest […]

Many insurers still depend on legacy systems to file insurance premium tax (IPT). Whilst cost is sometimes the reason for this decision, some organisations simply don’t prioritise technology upgrades, instead, choosing to focus on initiatives that improve the customer experience or other business workflows. Can this situation continue? Unlikely for much longer, as more tax […]