Continuing our blog series looking at specific IPT-related tax acts around the world, we head to Denmark. This insight is shared in Sovos’ Guide on IPT Compliance. Written by our team of IPT and regulatory specialists, this guide is packed full of insight to navigate the ever-changing regulatory landscape. Non-life insurance tax registration and reporting […]
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 indirect tax experts across all regions, our dedicated team is often the first to know about new regulatory changes and the latest developments on tax regimes worldwide to […]
Although Rishi Sunak did not mention Insurance Premium Tax (IPT) in his budget on 27 October 2021, one of the consequences of the UK leaving the EU is that HM Treasury (HMT) are conducting a review of the Value Added Tax (VAT) treatment of financial services in the future, and this may have implications for […]
As our webinar explored in depth, Insurance Premium Tax (IPT) compliance is complex and constantly evolving. The Sovos compliance team covered IPT compliance in different countries across Europe and the globe and discussed topics including IPT in Germany, Italy, the UK and Brexit and beyond. Despite this deep dive, there were plenty of questions that […]
As we approach the end of the first full year following the effective departure of the United Kingdom (UK) from the European Union (EU), for many UK insurers this has seen the use of other EU-based entities within their structure to write business in the EU. These entities were often explicitly established to deal with […]
Insurance Premium Tax (IPT) is complex. For insurers, keeping up with changing rates, rules and regulations can be challenging especially when writing across multiple territories. Sovos’ Guide on IPT Compliance, written by our experienced team of IPT and regulatory specialists, looks at the significance of digital transformation and helps paint a picture of a diverse […]
Legislation is always evolving, and legislation covering Insurance Premium Tax (IPT) and the relevant parafiscal taxes is no different. As IPT is so niche, references to other legislation are often made – this can be to a finance act, VAT, or another piece of tax related legislation. And on top of this, there are the […]
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 indirect tax experts across all regions, our dedicated team are often the first to know about new regulatory changes and latest developments on tax regimes across the world, […]
Goods in transit insurance is defined in the Solvency II Directive 2009/138/EC (25 November 2009) within Annex I Classes of Non-Life Insurance under class 7. It includes merchandise, baggage, and all other goods and the insurance relates to all damage to or loss of goods in transit or baggage, irrespective of the form of transport. […]
The proper supporting documentation of a tax return has always been required by the local tax offices. In this blog we will focus on the supporting documentation of Insurance Premium Tax (IPT) returns, especially the Italian requirements. Although the requirements for the preparation of IPT supporting documentation differs from country to country, the details of […]
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 indirect tax experts across all regions, our dedicated team are often the first to know about new regulatory changes and latest developments on tax regimes across the world, […]
Increasingly, technology is being infused into our day to day lives to simplify and streamline activities. From home to the workplace and everything in between, digitization can help us by removing time consuming activities, while also using the power of data to provide insights. The digitization of tax In this context, revenue authorities are digitizing […]
In Insurance Premium Tax (IPT) compliance, the Aviation Hull and Aviation Liability policy is defined under Annex 1, Classes of Non-Life Insurance, as described in DIRECTIVE 138/2009/EC (SOLVENCY II DIRECTIVE). But there are variations and identifying which class the policy is covering can be a challenge. This article will cover what insurers need to know […]
A tax authority audit can come in various forms, whether it be directly to the insurer itself or indirectly through a policyholder or broker. It can be targeted, for example, where an insurer has been specifically identified to be investigated due toa discrepancy on a tax return, or it can be indiscriminate in its nature […]
For anyone relatively new or unfamiliar with insurance premium tax (IPT), an understanding of each of the core components is key to ensuring compliance. They also sit in a logical sequence of five distinct areas. Location of risk Class of business Applicable taxes and tax rates Declaration and payment Additional reporting 1.Location of risk rules […]
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 indirect 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 Wendy Gilby, […]
The introduction of the new Portuguese Stamp Duty system has arguably been one of the most extensive changes within IPT reporting in 2021 even though the latest reporting system wasn’t accompanied by any changes to the tax rate structure. The new reporting requirements were initially scheduled to start with January 2020 returns. However this was […]