Indirect Tax Rules for Insurance Across the World

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.

Insurers, especially those operating across multiple territories, can find keeping up to date with the latest IPT rates, rules and regulations to ensure compliance challenging.

This guide provides a helpful snapshot of the indirect tax rules that apply to insurance premiums across the world, including:

  • Europe
  • Asia
  • Africa
  • Australia and New Zealand
  • North America
  • South America

Download the Indirect Tax Rules for Insurance Across the World guide

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The guide provides a useful reference of indirect rules across Europe including:

Albania, Andorra, Austria, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaca, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Switzerland, United Kingdom

And across Asia including:

Armenia, Azerbaijan, Bahrain, Bangladesh, Brunei Darussalam, Cambodia, Hong Kong, India, Indonesia, Israel, Japan, Kazakhstan, Korea (the Republic of) (South), Lao People’s Democratic Republic, Macau, Malaysia, Maldives, Mongolia, Myanmar, Pakistan, Philippines, Qatar, Saudi Arabia, Singapore, Sri Lanka, Taiwan (Province of China), Thailand, Turkey, United Arab Emirates, Vietnam

Across Africa including:

Angola, Benin, Botswana, Burkina Faso, Congo, Egypt, Eritrea, Gambia, Ghana, Kenya, Libya, Mauritius, Mozambique, Namibia, Nigeria, Saint Helena, United Republic of Tanzania, Zambia, Zimbabwe

For Australia and New Zealand including:

American Samoa, Australia, Fiji, French Polynesia, Marshall Islands, New Caledonia, New Zealand, Wallis et Futuna

Across North America including:

Anguilla, Antigua and Barbuda, Aruba, Bahamas, Barbados, Bermuda, Canada, Cayman Islands, Costa Rica, Curacao, Dominican Republic, El Salvador, Greenland, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Puerto Rico, Saint Kitts and Nevis, Saint Lucia, Saint Martin (French part), Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United States of America, Virgin Islands

And, finally, the indirect tax rules for insurance across South America including:

Argentina, Bolivia, Brazil, Chile, Ecuador, Falkland Islands, Paraguay, Peru, Uruguay, Venezuela

Insurance Premium Tax compliance

The digitization of tax is a trend that will undoubtedly continue. Organisations need to prepare for any changes to reporting as this will impact compliance obligations for the countries they operate in.

Tax authorities have increased their focus on the insurance industry to ensure IPT and parafiscal taxes are collected correctly, accurately, and on time.

Operating in multiple countries inevitably means also having to comply with many local regulations in line with IPT statutory and parafiscal filing. Compliance regimes can be simple or complex, but the difficulty is that they’re varied.

Download our guide to ease this burden.