Reduce Risk with the First Complete Solution for Insurance Premium Tax

MAKING TAX DIGITAL​

Tax authorities are going digital​​

The wave of governments making tax digital is gaining momentum and shows little sign of slowing. Authorities globally continue to look for ways to tighten loopholes, reduce tax gaps and gain greater visibility into insurers’ tax liabilities.

Taxes on insurance are fragmented. And achieving compliance can be a headache requiring specialist knowledge especially as no two jurisdictions are the same and currencies, rates, deadlines and location of risk rules may vary by country.

MAXIMISE EFFICIENCIES

Technology is driving innovative compliance solutions in response to these growing demands

Against this backdrop, insurance companies are faced with mounting pressure to protect profit margins amidst competition from new entrants and often from old and legacy systems.

As proactive initiatives like electronic returns and more granular reporting become a reality for insurers, factors like determining IPT liabilities, reporting transparency, audit trails and accuracy become increasingly critical.

e-book

IPT Compliance – A Guide for Insurers

Written by Sovos’ team of regulatory specialists, this e-book provides a mix of deep dive country-by- country information in addition to guidance on IPT and the digital tax landscape. It’s an essential read for any insurer wanting to know more about IPT compliance.

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With Sovos IPT be confident in compliance amid rapid change

Focus on your business objective

Sovos safeguards companies from the headache of this ever-evolving landscape. Customers can be confident in their compliance so they can focus on their core business objectives and what they do best.

Trusted by Fortune 500 companies

Sovos actively works with insurers across Europe including many of the top 100 UK insurers, FTSE Eurotop 100 and Fortune Global 500 companies.

Save time and money

Our software simplifies the preparation of insurance premium tax and parafiscal returns. It provides accurate, real-time tax rates and calculations helping you reduce the amount of errors and reprocessing needed, operational effort to manage tax calculations, and reporting overheads, audits, and potential fines.

The first complete end-to-end solution for insurance premium tax compliance

IPT Determination

Enables non-tax experts to confidently calculate and apply bespoke, mapped, real-time, global IPT rates at quotation.
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VAT Reporting

Manage complex country-specific filing deadlines and data requirements with absolute accuracy.
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IPT Reporting

The processing engine which reports on and generates tax returns needed for insurance premium tax compliance on a global basis.
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Tax Information Reporting

Stay ahead of regulatory changes, reduce operating costs and ensure compliance.
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MANAGED SERVICES

Technology Enabled IPT Managed Services

A blend of human expertise and software to ease your IPT compliance workload and reduce risk wherever you operate today while ensuring you’re ready to handle your IPT compliance requirements in the markets you intend to dominate tomorrow.

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Talk to an expert.

Ask our tax experts which solutions & products meet your needs.
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Rein in VAT & Fiscal Reporting Requirements

Stay in compliance as governments close tax gaps and impose new regulations.

Automation That Frees Up Your Team

Solving the most complex VAT requirements

Tax authorities worldwide want to gain more visibility into value-added tax (VAT) activities, increase collections and close revenue gaps. It’s not hard to see why; E.U. countries alone reported a VAT gap of almost €150 billion in uncollected revenues in 2016. As a result, governments are curbing this trend by increasing technology investments and demanding digital transactions and paperless processes.

Centralise, standardise and automate with Sovos VAT and fiscal reporting solutions

Centralise

Simplify the burden of VAT by managing all of your requirements (and changes to those requirements) for every jurisdiction in one easy-to-use interface.

Standardise

Peace of mind, knowing your business partners around the globe are using a consistent, standardised reporting process.

Automate

Turn painstaking, manual tasks like compliance research and data validation into quick clicks of a button.

Put VAT and fiscal reporting in your digital financial core.

Global Tax Determination

Tax determination software that simplifies VAT, GST, sales & use tax and more
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VAT Reporting

Accurately manage complex, country-specific filing deadlines and data requirements
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MANAGED SERVICES

VAT & Fiscal Reporting

Our multi-lingual team of VAT experts use our proprietary software which is updated whenever and wherever VAT regulations change.

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Feature List

Real-time updates

Get up-to-the-minute updates for every jurisdiction in which you have VAT obligations, all in a single, simple, centralised location.

Automated processing

Save time without generating returns, intrastate returns or manual listings again.

Data accuracy, analytics and reporting

Boost productivity with automatic data additions, adjustments, corrections and validation based on custom accuracy settings.

Data extraction and upload

Solve data management in seconds with the ability to extract and upload existing data from legacy, host and ERP systems into a single interface.

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The Only Global Solution for E-Invoicing Compliance

Value-added tax (VAT) is the most significant indirect tax for nearly every country on earth, but massive amounts go uncollected every year. In Europe, the annual VAT gap is similar to the GDP of Norway.

manage complex regulations

Ensuring e-invoicing compliance in over 60 countries

To help communities thrive, governments around the world are embracing e-invoicing controls designed to close the VAT gap, but every country writes its regulations differently. Because there are no global rules for enforcement, compliance is notoriously complex — especially for multinational companies.

The other digital transformation

There is a right way and a wrong way to get real-time tax compliance done.

The move toward continuous and real-time tax compliance pushes businesses toward a digital transformation you might not have anticipated but to which you must quickly adapt.

Fragmented enterprise systems, technologies and processes make it hard to prosper in a world of modern tax.

Keep your business running smoothly, all over the world, with the only scalable, end-to-end solution capable of ensuring compliance in more than 60 countries.

Local knowledge, global reach

Covering 60+ countries

Stay ahead of the requirements and laws coming next in each country with clearance and post-audit expertise, and global coverage.

Nimble response for a dynamic landscape

With a hybrid cloud model and customisation to seamlessly deliver regulatory updates, you'll have minimal need for IT involvement.

Embedded in the business process platforms you use today

More than 60 business process platform vendors offer Sovos e-invoicing compliance solutions.

Put e-invoicing compliance in your digital financial core.

eInvoice

The world’s first complete solution for e-invoicing compliance, including clearance, continuous control and post-audit models on five continents
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eArchive

Universal, compliant e-invoice archiving for more than 60 countries, including compliance maps, preservation sets, timestamps, and signing and validation services
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eReceipts

A global solution for high-volume, clearance-model e-invoicing mandates for businesses selling directly to consumers
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Benefits of the Sovos S1 Platform

Lower costs

Reduce the IT costs of compliance support by up to 84 percent, and lower your transactional unit costs.

Simplified operations

With a single platform for managing accounts receivable, accounts payable, e-archiving and VAT reporting, boost employee productivity by 25 percent.

Decreased risk of penalties & reputational damage

Automate processes and verifications for clearance and post-audit countries, and link to all related documents, from purchase order to invoice to tax reporting.

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