Blog

Understanding Insurance Premium Tax Prepayments in Italy

Continuing our IPT prepayment series, we take a look at Italy’s requirements. In previous articles we have looked at Belgium, Austria, and Hungary. All insurers authorised to write business under the Italian regime have a legal obligation to make an advance annual payment for the following year. What is the prepayment rate in Italy? The […]

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Understanding IPT Prepayments in Hungary

It’s time to return to Insurance Premium Tax (IPT) prepayments – a continuation of our blog series on this important IPT topic. You can find the first entry in our blog series here. IPT is declared and settled differently throughout Europe. Monthly, quarterly, or biannual declarations – the frequency varies across Member States – and some […]

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Insurance Premium Tax Prepayments: Austria

In the next edition of our series of blogs in Insurance Premium Tax (IPT) prepayments, we look at a less familiar regime to many, the Austrian IPT Prepayment. IPT prepayments in Austria Those who are well versed in the IPT sphere will be perplexed at this blog, as they most likely will never have paid […]

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Meet the Expert – Mai Nguyen, Senior Compliance Services Representative

Meet the Expert is our series of blogs where we share more about the team behind our innovative software and insurance premium tax (IPT) compliance services. As a global organisation with indirect tax experts across all regions, our dedicated team are often the first to know about regulatory changes and developments in global tax regimes, to […]

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Understanding IPT Prepayments in Belgium

It’s time to return to Insurance Premium Tax (IPT) prepayments – a continuation of our blog series on the important IPT topic. You can find the first entry in our blog series here. Throughout Europe’s different countries and jurisdictions, IPT is declared and settled in different ways. Monthly, quarterly, biannually – this varies across Member […]

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Netherlands Storage and Own Transport IPT Changes Explained

The Dutch government issued an updated Policy Statement for Insurance Premium Tax (IPT) on 12 May 2022. The first of its kind since February 2017, the update is intended to replace the 2017 version in full. Whilst much of the content remained the same, there were some notable points relating to storage insurance and what […]

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European IPT Prepayment Guidelines

There are some countries across Europe where declaring and settling insurance premium tax (IPT) and parafiscal charges on time is not enough to prevent late payment penalties. You may ask why. Or you may say it’s unfair. The answer is simple. Some European countries collect insurance premium tax and parafiscal charges or part of them […]

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Meet the Expert – Hector Fernandez, Principal Compliance Tax Services Representative

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 regulatory changes and developments in global tax regimes, to support you in your […]

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Transactional Trends: The Latest Developments in IPT Reporting

An increasing insurance premium tax (IPT) trend is using transactional level information in various returns and reports. Preparation and education are key to ensuring details are being captured on an ongoing basis rather than at the last moment. Furthermore, in some cases where legacy systems are being utilised and don’t have the capability to capture […]

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Portuguese Surcharges: ASF, INEM and ANPC

A parafiscal tax is a levy on a service or a product which a government charges for a specific purpose. It can be used to financially benefit a particular sector (public and private). Unlike the drastic changes in Stamp Duty reporting within the Portuguese region, the parafiscal taxes have remained consistent and unchanged for many […]

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Extra Profit Tax: An Introduction to Supplemental IPT in Hungary

As of 1 July 2022, Hungary introduced an Extra Profit Tax scheme, which levies supplemental Insurance Premium Tax (IPT) on insurance premiums. The introduction of the Extra Profit Tax scheme is a temporary measure and aims to cover the increased governmental costs caused by the conflict in Ukraine. The Extra Profit Tax scheme is applicable […]

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Under the Bonnet: Spanish IPT Reporting

The complexities of Spain’s insurance premium tax regulations can be daunting for anyone responsible for IPT reporting and compliance for this country. Apart from the different tax authorities involved with Spanish IPT reporting and various submission processes, there are also many different declarations that tax compliance teams must be aware of. Here we’ll look at […]

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Determining Location of Risk: Marine Insurance

Identifying the location of risk for Insurance Premium Tax (IPT) purposes is the first step to ensuring IPT compliance in a given territory. This area perhaps isn’t as straightforward as it first seems for marine insurance. As with the location of risk rules for all classes of insurance in Europe, the starting point for marine […]

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Meet the Expert, Manisha Patel, Senior Compliance Services Representative – IPT

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 regulatory changes and developments in global tax regimes, to support you in […]

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In Focus: Why is Italy’s IPT Regime so Challenging?

Tax compliance in Italy – where do we start? From monthly tax settlements to an annual declaration, prepayment, additional reporting and treatment of negative premiums – all these factors make Italy unique and one of the most challenging jurisdictions from an insurance premium tax (IPT) compliance perspective. Let’s break it all down: Insurance taxes IPT […]

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Deep Dive – Portugal’s Stamp Duty Requirements

The most recent update to the Portuguese Stamp Duty system has included some of the most comprehensive tax reporting changes seen in recent years. Stamp Duty is the oldest tax in Portugal and has been around since the Royal Decree in 1660. Considering its age, updates to bring it in line with the global standard […]

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Importance of Accurate IPT Liability Calculation in Multiple Jurisdictions

There are many taxes (IPT) and parafiscal charges levied on insurance premiums throughout Europe. As a consequence of the lack of tax harmonisation, no general rules can be applied to establish which taxes exist in which countries and how to calculate the correct IPT amounts. Some insurers do not have a dedicated IPT team; this […]

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IPT – Goods in Transit Location of Risk

For Insurance Premium Tax, location of risk is vital in determining the correct tax. In this episode of the Sovos Expert Series, Anita Blanusic asks Russell Brown, Senior Consulting Manager to explain the location of risk for goods in transit and how it’s determined. Listen as he answers the following questions: What is goods in […]

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