Don’t just take our word for it. There’s a reason Sovos products are used by over half the Fortune 500 and the world’s smartest companies.
Many tax authorities are increasing their focus on the insurance industry in an effort to close tax revenue gaps, with many introducing Insurance Premium Tax (IPT) and other indirect taxes for insurance. Globally, IPT is fragmented across over 200+ countries and achieving compliance can be a complex process requiring specialist knowledge.
In the Gartner 2021 CIO Agenda: A U.S. Perspective, “respondents in the U.S. report digital business acceleration in the face of COVID-19 and an increased opportunity for business redesign. Despite being global pace setters, U.S. CIOs have a lot of opportunity to leverage digital innovations for value creation.”
Spain is one of the most complex countries within Europe for insurance premium tax compliance. The complexities and challenging means of reporting liabilities only adds to the difficulties for insurers writing policies in the country.