Blog

Portuguese Stamp Duty and How Reporting is Changing

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 […]

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IPT Location of Risk Changes: Your Questions Answered

As our webinar explored in depth, location of risk rules are complex and constantly evolving. The Sovos compliance team covered many topics on the session, such as sources for identification of the location of risk and location of risk vs location of the policyholder. Despite this deep dive, there were plenty of questions that we […]

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Portugal’s Unique Fire Tax Reporting System

Treatment of fire charges is tricky in almost all jurisdictions. Fire coverage can vary from as high as 100% to 20%. No-one would dispute that the most complex fire charge treatment is in Spain. In Portugal, whilst the rules are less complex, they have a unique reporting system for how the policies covering fire must […]

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How Insurers Can Prepare for Annual Reporting Requirements

Some European tax authorities require annual insurance premium tax (IPT) reports to be submitted for the calendar year in addition to regular monthly or quarterly reporting. Annual reports usually require significant detail, making the process time consuming and labour intensive for insurers. Annual reporting requirements vary from country to country, making it complex for cross-border […]

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Meet the Expert: Christina Wilcox, Director of Customer Success, EMEA at Sovos

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 Christina Wilcox, […]

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How to Navigate Marine Insurance IPT Treatment across Europe

There are a variety of different approaches to Insurance Premium Tax (IPT) treatment for marine insurance across Europe. Before looking at how individual countries treat marine insurance, it is worth noting the challenges in determining the country entitled to levy IPT and any associated charges. The location of risk relating to marine vessels falls within […]

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The Complexity of Insurance Premium Tax Compliance in Spain: Your Questions Answered

We hosted a webinar about Insurance Premium Tax (IPT) in Spain. Topics covered included the Conscorcio reporting system, tips for effective and accurate compliance, the penalty regimes currently in place and the latest regulatory updates. Although our expert team answered plenty of questions they didn’t have time for everyone. Here’s a helpful summary. Is all […]

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How to Avoid Errors in Fire Brigade Charge Reporting in Spain

The Spanish tax system is one of the most complex in Europe. This can bring a real challenge to insurance companies writing business in Spain or for those that want to start writing business in the country. As explained in previous blogs, Spain has various taxes and surcharges on insurance premiums with different rates and […]

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Reflection on Insurance Premium Tax Rate Increases – What’s Next for Europe?

It’s difficult to pinpoint exactly when new taxes or tax rate increases will happen. Covid-19 has impacted almost everything, including a massive deficit in the economy. Many banks have applied negative interest and governments have put funding in place to aid recovery. It’s highly likely that tax authorities will be looking at ways to bring […]

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What’s on the horizon for Insurance Premium Tax in Europe?

Europe has seen relatively few changes to insurance premium tax (IPT) rates recently. The most notable recent change was the 33% increase in IPT rate in Spain (up from 6% to 8%) at the beginning of 2021. Brexit became official on 1 January 2021, following the end of the transition period. This means UK based […]

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IPT Changes in Europe 2021: Your Questions Answered

We hosted a webinar about the IPT regulation changes in Europe with our IPT team. Topics included Spain’s IPT increase, Portugal Stamp Duty reporting and other IPT changes across Europe, including Germany, France, Luxembourg, Belgium and Denmark. Although our expert team answered plenty of questions, they didn’t have time for everyone. Here’s a helpful summary. […]

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Tax compliance for insurers intensifies – the cost of getting it wrong

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, […]

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Meet the Expert: Beverleigh Gunner, Compliance Services Manager – IPT at Sovos

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 […]

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Spain: IPT Increase and Transmission Measures

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 […]

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Luxembourg – Online IPT Filing from April 2021

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 […]

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Historical Declarations Across Europe: Questions You Should Ask

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 […]

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IPT Regulation Changes in Europe for 2021

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 […]

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Meet the Expert: Andrew Hocking, VP of Consulting and Compliance Services, Europe

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 […]

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