This blog was last updated on January 12, 2022
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 known about new regulatory changes, ensuring you stay compliant.
We spoke to Edit Buliczka, compliance services manager at Sovos to find out more about the role her team has in ensuring our insurance customers meet their insurance premium tax (IPT) compliance obligations.
What is your role and what does it involve?
I am one of the compliance services managers at Sovos. I joined the company in January 2016 and was promoted to this position just before the pandemic began at the end of 2019. I lead a team who are responsible for looking after over 70 insurers and their affiliates globally. We are responsible for helping insurers, whether their tax teams are working remotely from home or in branches, across many different European locations.
Our role is to overview insurers’ IPT submission processes. I work closely with two senior compliance representatives who are the main day to day contacts for our customers. If an issue arises, I will often help with the checking process which involves close contact with both senior management and the wider tax and compliance teams. I am also responsible for making sure that everyone in my team is fully aware of any new mandates and changes to rules and regulations across the region which impact compliance obligations for our customers. To achieve this goal the team has daily catch up and weekly meetings.
I have to be very organised in my role – not only in my own workload but in receiving and collecting information before sharing it with the wider team, as well as providing relevant and timely communications to our customers.
What advice would you give to large insurers to ensure their IPT compliance?
Essentially, I would advise them to contact Sovos. IPT is fragmented and complex. If it’s not core within your role then keeping up with the changes can be challenging. Whereas for us, IPT compliance is what we do. Our teams have the knowledge to ensure our customers’ IPT compliance is up to date – and if we don’t have the necessary information they need, we know how and where to find it.
Sovos has long standing relationships with the various tax authorities that levy IPT and members of the team speak local languages so are able to fully understand and accurately interpret changing rules and regulations.
We have an exceptional team of IPT and compliance experts. They always follow the most compliant approach to tasks and if an insurer does something that could compromise their compliance, we let them know. It’s important for us to know that insurers are on the front foot to meet tax obligations and requirements.
How can Sovos help?
IPT compliance can be complicated when writing business in multiple jurisdictions, in other European Member States or outside of Europe. Sovos employs a large team of tax experts who are knowledgeable in the many different tax jurisdictions around the globe.
Insurers who choose to work with Sovos can benefit in a wide range of ways. We can register them with their local tax office, provide advice tailored to their situation and offer services to help them map their business to understand the correct tax treatment of the insurance policies.
Additionally, we can assist them in splitting the liabilities between territories if they’re unfamiliar with it or offer additional assistance should they need it. Sovos provides customers with continuous updates on rate and requirement changes as well as territory specific information like the collection of special premium reports required for Italy.
Take Action
Have an IPT problem you need help with? Speak to our experts to see how Sovos can help you solve tax for good.
