Regulatory Analysis

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Posted 1 week ago by Christophe Bourdaire
Spain – Environmental Surcharge to be Reported to the New Consorcio Reporting System

The Consorcio de Compensación de Seguros (CCS) now requires insurance companies to report and declare the surcharge to the Environmental Damage Compensations Fund through its new reporting system (SIR). This requirement took effect on 01 July 2019. As for Extraordinary Risks surcharges, detailed information on the policies subject to the 8% Environmental surcharge must now […]

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Posted 3 weeks ago by Jeff Gambold
Sweden: lower VAT rate to be applied to electronic publications

With effect from 1st July 2019, e-books and electronically provided magazines and journals will become subject to the lower rate of 6% VAT (the standard rate of 25% previously applied) in Sweden. This change will result in equal treatment of electronic publications and their physical equivalents under Swedish VAT law. This falls into line with […]

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Posted 1 month ago by Jeff Gambold
Bulgaria to introduce a new lower reduced rate of VAT

[June 10, 2019] The Bulgarian Parliament introduced a new bill on the 5th June 2019 that includes various proposed changes to the Bulgarian Value Added Tax Act. Included among the changes is a new lower VAT reduced rate of 5%, which would come into effect from 1st January 2020. Under the current proposed language, the […]

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Posted 1 month ago by Jeff Gambold
Poland to introduce mandatory split payments regime

Following the introduction of a voluntary split payment system last year, Poland is now proceeding with a mandatory regime to come into effect from 1st September 2019 for all payments of 15,000zl (approximately 3,500 euros) or more.  Under the scheme, which will apply to both established and non-established businesses, the VAT element of any payment, […]

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Posted 3 months ago by Charles Riordan
Poland Introduces Obligation to Use Online Cash Registers

Effective May 1, 2019, Polish taxpayers making B2C supplies of goods and services will be required to use online cash registers connected to the newly established Central Repository of Cash Registers. Data from the Central Repository of Cash Registers will be available to heads of tax and customs offices, directors of tax administration chambers, and the Minister […]

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Posted 6 months ago by Sovos
Tax Alert: Case C-74/18 – ECJ Ruling on Location of Risk of M&A Insurance

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 […]

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Posted 6 months ago by Sovos
Tax Alert: Denmark – Tax on Pleasure Craft Insurance Reduced to 1%

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 […]

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Posted 7 months ago by Sovos
Tax Alert: Italy – New Changes to IPT Prepayment Approved by Italian Parliament

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 […]

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Posted 7 months ago by Sovos
Tax Alert: France – IPT Applicable on Death Cover of Payment Protection Insurance

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 […]

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Posted 9 months ago by Sovos
Tax Alert: Payments for the Polish Insurance Ombudsman Levy Suspended

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 […]

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Posted 1 year ago by Sovos
Tax Alert: Slovakia – New IPT Form

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 […]

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Posted 1 year ago by Sovos
Tax Alert: Slovakia – IPT Update

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 […]

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