Sovos has over 20 years of demonstrated success in IPT compliance with the world’s most complex insurers
For cross-border insurers, navigating the complex insurance tax landscape across multiple jurisdictions can feel overwhelming.
Tax authorities continue to take measures to boost revenues, increase efficiency and reduce fraud. There’s a notable shift towards digital insurance premium tax (IPT) reporting, placing an additional burden on insurers.
Combined with IPT Managed Services, we offer the first virtual end-to-end IPT compliance solution.
Sovos IPT Determination enables non-tax experts to confidently calculate and apply global IPT rates at quotation.
The solution is updated in real-time, so the tax rates and tax applicability are always accurate. And this also applies to filing requirements easing the strain of changing filing requirements and settlement deadlines.
Sovos IPT Determination is centered around a detailed, real-time global database of IPT tax data for over 80 countries, including millions of jurisdictional and product combinations – ideal for insurers writing complex global programmes.
Sovos IPT Determination builds premium allocation ahead of all policies such as renewal of international programmes. It allocates premiums per territory covered, intuitively supporting the entire underwriting process by accurately identifying, calculating, and applying the appropriate taxes at quote stage.
Built specifically for the Captive market, Sovos IPT Captive allows you to track your programmes from renewal through to settlement. Combined with our managed services, it is the first end-to-end IPT compliance solution built for Captives.
“We appointed Sovos for their IPT Managed Services. During this time, we have found their level of knowledge, expertise and attention to detail to be superb. They understand our product so can quickly and accurately identify the most appropriate tax treatment. This has undoubtedly saved us a considerable amount of time and money. Through their IPT software, they have significantly helped to increase our efficiency and accuracy giving us total peace of mind that our returns are filed on time, every time and are compliant. We would absolutely recommend them”
Carla Forafò
Deutsche Post DHL Group – GBS, Insurance & Risk Management