Regulatory Analysis

Posted March 11, 2024 by Edit Buliczka
Austria: New IPT Settlement Form Published

The Austrian Tax Office recently released a new report form (Form6) for settlement of Insurance Premium Tax (IPT). This new template complies with both changes in the IPT regulation of last July and the Decree of the Ministry of Finance issued in December 2023. In summary, the modification to Section 7 of the IPT law […]

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Posted March 4, 2024 by Edit Buliczka
Belgium: Deadline to declare IPT on Broker Fees Set for June 20

The scope of Insurance Premium Tax (“IPT”) has been extended to brokers and intermediaries by the Act from 28 December 2023. As a result, beginning in 2024, income, such as commissions, received by an intermediary in connection with the provision of insurance services, will be liable for IPT when provided under a contract separate to […]

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Posted February 29, 2024 by Edit Buliczka
France: Changes in Insurer Contributions of Civil Liability Vehicle Insurance Policies

The recent Order from 30 January 2024 has amended the rate and the calculation basis for the insurer’s part of the contribution that is payable to the National Guarantee Fund. More specifically, it has changed the contribution payable by the insurers on premium amounts covering civil liability risks resulting from accidents caused by motorised land […]

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Posted February 5, 2024 by Edit Buliczka
Hungary: Last minute change for filing and payment of extra profit tax for 2023

The Government Decree of 197/2022, which regulates extra profit taxation (EPTIPT) in Hungary, has recently been changed. The amendment was issued last Thursday and became effective on January 26, 2024. This amendment affects the declaration and payment of the 2023 EPTIPT, which was due on January 31, 2024. According to the new rules, the amount […]

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Posted January 12, 2024 by Edit Buliczka
France: IPT exemption on electric cars has been extended

The 2024 Finance Budget Law, announced on December 30, 2023, is set to revise Article 995 of the General Tax Code (GTC) and will have an impact on insurance contracts that receive exemption from insurance premium tax (IPT) in France. In 2020, a new exemption was implemented as of January 2021 up until the end […]

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Posted January 11, 2024 by Edit Buliczka
France: Substantial CATNAT premium rate increase as of January 2025

On 28th December 2023, a new Order was published in the French National Gazette about change of the rates of the so called CATNAT additional contribution relating to the “natural disaster” guarantee for insurance contacts that cover fire damage or any other type of property damage, as well as damage to the bodies of motorized […]

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Posted January 11, 2024 by Edit Buliczka
Norway: Road Traffic Insurance Tax Rate change

In the 2024 budget, announced on 18th December 2023, the new tax rates for the Road Traffic Insurance Tax, which is included in the Excise Duties Act, have been set. The new rates are applicable from 1st March 2024. Except for Group f): motor vehicles that only use electricity for propulsion, the daily fixed rates […]

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Posted January 9, 2024 by Edit Buliczka
France: Guarantee Fund Contributions for Victims of Terrorism has been increased

On 28 December, a new ministerial decree was published in the French Official Journal. The new decree increases the amount of the contribution to the Guarantee Fund for victims of acts of terrorism and other offences from EUR 5.90 to EUR 6.50. The new rate takes effect on 1 July 2024 for insurance contracts maturing […]

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Posted December 20, 2023 by Edit Buliczka
Italy: Road Accident Victims Fund Contributions (RAVF) cancelled for foreign insurers

On December 13, a new legislative decree (No. 184 pf 22 November 2023) was published in the Italian Official Gazette. This decree is transposing the rules of Directive No. 2021/2118 of November 24 (the Directive), which is the amendment of the Sixth Directive on Motor Insurance (Directive 2009/103/EC ), into Italian law. According to the […]

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Posted December 18, 2023 by Edit Buliczka
France: National Guarantee Fund Contributions cancelled for foreign insurers

On December 7, a new ordinance (No. 2023-1138 of December 2023) was published by the French Ministry of Economy, Finance and Industrial and Digital Sovereignty. This ordinance is transposing the rules of Directive No. 2021/2118 of November 24 (the Directive), which is the amendment of the Sixth Directive on Motor Insurance (Directive 2009/103/EC ), into […]

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Posted December 11, 2023 by Edit Buliczka
Italy: the 2024 IVASS Management Fee has been published

The Institute for Insurance Supervision (IVASS) in Italy has published the management charge rate for the year 2024. The rate has been increased from 4.26% to 4.37%. The management charge reduces the taxable basis applied to the Road Accident Victims Fund (RAVF) and Hunting Accident Victims Fund (HAVF) and is published annually in November.

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Posted December 7, 2023 by Edit Buliczka
Spain: New monthly Insurance Premium Tax return – model 430

The Spanish Tax Office has issued a new order No. HFP/1284/2023 on November 30, 2023, which contains the regulatory approval of a new model 430 “Tax on Insurance Premiums”. In Spain, the Model 430 is used to declare the self-assessed Insurance Premium Tax (IPT) on a monthly basis. The model update aimed to harmonize the […]

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Posted November 9, 2023 by Edit Buliczka
Ireland: 2024 rate for Motor Insurers Insolvency Compensation Fund (MIICF) has been set

Ireland has now fixed the rate of MIICF contributions to be paid to the Motor Insurers’ Bureau of Ireland (“MIBI”) for 2024. The rate was reduced from 2% to 1%, as outlined in the Insurance Act 1964 (Adjustment of Percentage Rate) Order 2023 (S.I. No. 507/2023).

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Posted November 8, 2023 by Edit Buliczka
Denmark: Fixed rates to Guarantee Fund remained unaltered for 2024

On November 3, 2023, the Danish Guarantee Fund announced on its website the contribution fixed rates for 2024. The rates remained unaltered, implying that in 2024 the Guarantee Fund must continue to collect DKK 30 per insured under occupational accident insurance and DKK 40 per policy for the following insurances: Family insurance policies Homeowners insurance […]

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Posted November 1, 2023 by Edit Buliczka
Ireland: Motor Insurers’ Bureau of Ireland changes the rules regarding its contributions

The Motor Insurers’ Bureau of Ireland (“MIBI”) published a new notification on its website on October 11, 2023. According to this notification, the Minister announced that the annual percentage rate of the contributions to the Motor Insurers Insolvency Compensation Fund (MIICF) will be reduced from 2% to 1%. The revised rate will be effective from […]

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Posted October 5, 2023 by Edit Buliczka
Denmark: Danish Guarantee Fund suspends contributions to motor insurance policies in 2024

The Danish Guarantee Fund (“DGF”) published a new notice on its website on October 2, 2023. The new guidance informs non-life insurance companies, including foreign insurance companies with branches in Denmark and those writing business in Denmark on a Freedom of Services (FoS) basis, that the Danish Financial Supervisory Authority has announced that it will […]

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Posted September 26, 2023 by Edit Buliczka
Bulgaria: New bank accounts at the National Revenue Agency

The Bulgarian Tax Office (“National Revenue Agency” or “NRA”) announced on its website, on September 20, 2023, that payments to the NRA should be paid to new bank accounts. The new bank accounts will be implemented for payments beginning in October 2023. There will be five bank accounts where taxes, social security and health payments, […]

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Posted September 20, 2023 by James Brown
Contribution to the FGTI: New Declarations

Following the previously announced delay to the mandatory online submission and direct debit settlement of IPT in France until 2025 at the latest, the General Directorate of Public Finances has now confirmed that this transition will take place with effect from January 1, 2024. This means that IPT liabilities incurred in the January 2024 period […]

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