Regulatory Analysis
On 17 January 2019, the European Court of Justice delivered its judgment in Case C-74/18, concerning the location of risk rules for insurance premium tax purposes. The case concerns insurance written by the UK insurer, referred to as ‘An Ltd’, which operates in Finland on a freedom of services basis, without a separate permanent place […]
The 2019 Finance Act has introduced a reduction in the tax on pleasure craft insurance. The rate will move down from 1.34% of the sum insured to 1% of the sum insured. The change applies to insurance policies where the insurance premium is due on 01 February 2019 or later. The tax on pleasure craft […]
The 2019 Budget Act was approved by the Italian Parliament on 30 December 2018. As anticipated, the approved budget includes an increase in the IPT prepayment rates. The approved rates are as follows: 85% in November 2019 for tax year 2020 90% in November 2020 for tax year 2021 100% in November 2021 for tax […]
Death cover of Payment Protection Insurance will be subject to 9% Insurance Premium Tax (IPT) for contracts issued on or after 01 January 2019. Previously such covers were subject to an IPT exemption. The change has been approved by the French Parliament as part of the 2019 Budget Law voted just before Christmas. The change […]
The Polish Insurance Ombudsman has suspended the Q4 2018 declaration and payment of the levy, citing article §17.5 of the Regulation of the Minister of Development and Finance. This permits the suspension of the Levy where the Ombudsman’s funding needs have been fully satisfied. The Q4 declaration would normally require the declaration of premiums collected […]
President of the Slovak Republic has signed off the IPT Act no. 213/2018 Coll. which is effective from 01 January 2019. Moreover, the Ministry of Finance of the Slovak Republic has issued a guidance MF/010937/2018-731 dated 30 July 2018 establishing the IPT return form. According to section 2 of the guidance, the new IPT form […]
Slovakian IPT Update Sovos FiscalReps met with the Slovakian Tax Office on 23 March 2018 and amongst other agenda points also discussed the transition from the current Non-Life Insurance Levy to Insurance Premium Tax (IPT). On 26 March 2018, the Ministry of Finance of the Slovak Republic released an amended draft IPT legislation which changes […]