Regulatory Analysis
From 1 January 2023, changes have been made to how the Financial Ombudsman and its office are financed. The Ombudsman Act (2015/1348) was revised by the Act of 2022/2640, which also abolished prior regulations. The new rules don’t specify advance payments, and both filing and payment are annual. The annual fee is based on the […]
The 2023 French budget (2022-1726 of December 30, 2022) was published on 30th December 2022. Among several changes in the tax legislation, there was a change in the so-called Rural and Maritime Fishing Code. This Code regulates the additional contribution on premium amounts that relates to insurance agreements on agricultural operations covering Damage to buildings […]
The Norwegian Tax Authority have released the new tax rates for the Road Traffic Insurance Tax, the increase in the rates will come into effect from 1st March 2023. As before, the rates vary depending on the type of vehicle as displayed below: Type of Vehicle Traffic insurance contract that is taken […]
The Hungarian government published a new decree (No. 258/2022) on 24 December 2022. It was enforced on 25 December 2022 and modifies the initial government decree (No. 197/2022) regarding the imposition of extra profit taxes. It’s the second revision to the initial decree within six months that changes the requirements for the so-called insurance extra […]
The French Parliament approved the Finance Bill for 2023 (“2023 Bill”) on 17 December 2022. It includes an amendment to Article 166 of Finance law no. 2019-1479 of 28 December 2019 for 2020. Whilst only the date has changed from 2023 to 2025, this has a huge impact on the settlement of French insurance premium […]
On the 19 December 2022, the Agencia Estatal de Administración Tributaria (AEAT) published the new Modelo 480 for future submissions, including 2022, in the Spanish Gazette. Alongside this, an extension for the annual tax submission has been confirmed, with submissions allowed up to 31 January. This is a positive change as it allows for more […]
The Institute for Insurance Supervision (IVASS) in Italy has published the management charge rate for the year 2023. It set the rate for 2023 at 4.26%. 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.
On 13 May 2022, the Official Gazette of the Republic of Slovenia (no. 68/22) published a decree which amended the Decree on Fire Fee (FBT). The decree came into force on the fifteenth day following its publication and its rules are effective from 1 October 2022. The decree increased the rate of the FBT from […]
A new policy statement No. 2022-6224 was issued on 12th May 2022 by the Dutch Tax Office. The decree entered into force on 13th May 2022 except for section 3.2 Transport Insurance which will be effective one year later, that is as of 13th May 2023. Although the 11-page decree includes several sections and subsections, […]
From 1 July 2022, a supplemental IPT will be introduced by the Hungarian Government. The government decree (197/2022) is an addition to the existing IPT Law (Act 102/ 2012) and was published on 4 June 2022. The supplemental IPT is an additional charge to be borne by insurers. It is paid on top of the […]
The Danish Guarantee Fund for Non-Life Insurers (the ‘Fund’) has confirmed the scope of a new Fund contribution due on industrial injury insurance in guidance dated 10 March 2022. With a view to ensuring that adequate capital is held by the Fund, a new contribution of DKK 30 per policy is due on all industrial […]
The system of penalties/surcharges for late submission without prior requirement by the Tax Authorities (Art. 27.2 LGT 58/2003) has been modified by the Act 11/2021 published on Saturday 10 July 2021 in the Spanish Gazette (BOE) and came into force on Sunday 11 July 2021. The new rule brings changes to the penalties/surcharges system. The […]
Effective from July 2021, the contribution to the Danish Storm Flood Damage Levy will be reduced from DKK 60 to DKK 40. The scheme has reached its target balance of DKK 500m therefore the temporary increase of DKK 20 which was introduced in 2014 has been removed. The scheme compensates policyholders, who have an insurance […]
The German Tax Authority (Bundestag) approved the “Law on the Modernisation of Insurance Tax Law and Amendment of Employment Law Regulations” at the end of last month. The law limits the IPT exemption currently available on personal insurance such as Health and Disability insurance. Going forward the tax exemption should only apply to insurance policies […]
HMRC has issued an insurance premium tax (IPT) consultation on Administration and Unfair Outcomes which follows the previous IPT call for evidence in 2019. This consultation focuses on improving IPT administration and preventing IPT avoidance and evasion such as value shifting and unregistered insurers. The deadline for responses is 5 February 2021. More information can […]
The Spanish Government presented its Budget Law project for 2021 on 28 October 2020. The project includes a plan to increase the insurance premium tax (IPT) rate from 6% to 8%. This move would increase the revenue generated by IPT in Spain by one third. The Budget Law project will now be debated and votes […]
The German Parliament last week published in its Federal Law Gazette a law to reduce the insurance premium tax applied on drought insurance from 19% to 0.03%. The reduction brings the rate for drought insurance in line with tax rates for other agricultural risks, such as hail, frost, and flood damage. Discussions in Parliament touched […]
The Portuguese tax authorities have postponed the implementation of their new Stamp Duty reporting system until 2021. The decision has been taken in light of the ongoing coronavirus crisis that led the Portuguese government to declare a State of Emergency. The previous Stamp Duty reporting system will therefore remain in place until the end of […]