Insurance Premium Tax Returns: Italian IPT Books

Edit Buliczka
September 22, 2021

This blog was last updated on 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.

Take Action

Get in touch about the benefits a managed service provider can offer to ease your IPT compliance burden.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Edit Buliczka

Edit is a senior regulatory counsel. She joined Sovos in January 2016 and has extensive IPT knowledge and experience. Her role ensures the IPT teams and systems at Sovos are always updated with legislative changes. She is a Hungarian registered tax expert and chartered accountant and has worked for companies in Hungary including Deloitte and KPMG and as an indirect tax manager she worked for AIG 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.
Share this post

dtc spirits new york
North America ShipCompliant
February 14, 2025
A New Era for DtC Spirits Shipping: How New York’s Market is Taking Shape

This blog was last updated on February 14, 2025 In the fall of 2024, New York became the latest state to open its doors to direct-to-consumer (DtC) spirits shipping, marking a significant milestone for the industry. As one of the most populous states with a thriving market for craft and high-end spirits, the shift was […]

North America Unclaimed Property
February 10, 2025
Delaware Announces 2025 VDA Invitation Dates

This blog was last updated on February 14, 2025 Mark your calendars – April 11, 2025 and August 15, 2025 are this year’s anticipated release dates for the Delaware’s Secretary of State (SOS) VDA program invitations. In the event that an organization receives an invitation to participate in the Voluntary Disclosure Agreement (VDA) program  , […]

North America Sales & Use Tax
February 6, 2025
The Tariff and Sales Tax Mishmash – Untying the Mess

This blog was last updated on February 14, 2025 Talk of tariffs dominates the current news cycle with some commentators suggesting that tariffs will spell disaster for our economy while others say the exact opposite. We’ve seen the stock market sometimes fluctuate as tariffs are announced but later suspended, leaving us to wonder whether an […]

retailer dtc wine shipping
North America ShipCompliant
February 6, 2025
Retailer DtC Wine Shipping: The Time Has Come

This blog was last updated on February 14, 2025 By Tom Wark, Executive Director, National Association of Wine Retailers We are often reminded by the media and those in the wine industry—as well as by wine enthusiasts—that the three-tier system of alcohol distribution in most states hinders consumer access to the expansive number of wines […]

Montana 1099-DA
North America Tax Information Reporting
February 5, 2025
State Filing Alert: Montana’s New 1099-DA Requirements for Crypto Brokers

This blog was last updated on February 5, 2025 Reporting digital asset transactions on Form 1099-DA just got a little more complicated. For 2025 transactions, crypto brokers that file Form 1099-DA with the IRS will be required to file the 1099-DA with the State of Montana. This makes Montana the first state to introduce a […]