Insurance Premium Tax Returns: Italian IPT Books

Edit Buliczka
September 22, 2021

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 the tax calculation, which is the amount of the liability included in the IPT return, will always be a must.

IPT Returns – supporting documentation requirements

There are countries where the requirements are vague saying that the document should be kept up-to-date, consistent, and provide sufficient information for the tax office to determine the amount of the tax liabilities, which were included in the submitted IPT return. Therefore, it’s at the taxpayer’s discretion to decide how to comply with this requirement and how to prepare and keep this document up-to-date.

On the other hand, there are countries where an IPT return cannot be submitted without all of the required details, such as policy number, insured name, postcodes etc. This is the case for the Portuguese Stamp Duty return or the Spanish CCS return.

In the third category, where Italy belongs, there are specific rules on how to keep the supporting documentation of an IPT return. This document is called ‘IPT books’. Italian IPT books should not be submitted alongside the annual return, but must be provided with immediate effect when the Italian tax office requires it. Italian IPT books are compulsory enclosures of an application regarding regularisations and reclaim.

Italy’s IPT book document requirements

The Italian IPT book should contain the following information:

  • Data (cash received date)
  • Contraente (insured name)
  • Polizza (policy number)
  • Decorrenza (inception date)
  • Scadenza (Scadenza)
  • Natura rischio assicurato (Class of Business)
  • Art (legal reference number)
  • Articolo tariffa (premium amount)
  • Aliquota (Tax rate)
  • Imposta (IPT amount)
  • Antiracket (amount of antiracket)

The IPT book must be submitted in Italian. The payment periods (month) should be split and a summary of the total premium, tax rate and tax amount should be included in the IPT books split by class of business.

If a negative policy line is included in this book, then the Italian tax office will question it. Another important factor is that the total amounts per period should be equal to the amount paid to the Italian tax office on a monthly basis. If this is not the case, again you can expect questions.

At Sovos, our experienced IPT specialists can help you prepare and ensure compliance with the Italian IPT books requirements.

Italy has some of the highest penalty and interest rates in Europe. Our team can provide advice and support to mitigate the risk of an unnecessary IPT fine.

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Edit Buliczka

Edit Buliczka is a client manager for indirect tax at Sovos. She is a Hungarian registered tax expert and chartered accountant. Edit has worked for companies in Hungary including Deloitte and KPMG and as an indirect tax manager she worked for AIG at the Service of Excellence Centre in Budapest. She graduated with an economist degree from Budapest Business School, faculty of finance and accountancy and also she has a postgraduate diploma from ELTE Legal University in Budapest.
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