Regulatory Analysis

Posted August 2, 2022 by Sovos
Slovenia: Fire Brigade Tax Rate Virtually Doubled From 1 October 2022

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 […]

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Posted July 21, 2022 by Edit Buliczka
New Policy Statement Was Issued By The Dutch Tax Office

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, […]

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Posted June 16, 2022 by Edit Buliczka
Hungary: Supplemental IPT Introduced Due to Ukraine Conflict

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 […]

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Posted March 15, 2022 by James Brown
Denmark: Change to Treatment of Industrial Injury Insurance

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 […]

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Posted July 13, 2021 by Hector Fernandez

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 […]

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Posted January 18, 2021 by Elliot Shulver
Danish Storm Flood Damage Insurance Levy Reduction

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 […]

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Posted November 24, 2020 by Elliot Shulver
Tax Alert: Germany IPT Law Changes

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 […]

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Posted November 10, 2020 by Elliot Shulver
HMRC Issues IPT Consultation on Admin & Unfair Outcomes

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 […]

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Posted October 29, 2020 by Christophe Bourdaire
Spain – Plan to Increase the IPT Rate From 6% to 8% in 2021

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 […]

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Posted March 31, 2020 by Elliot Shulver
Germany reduced rate of IPT on drought insurance

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 […]

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Posted March 26, 2020 by Christophe Bourdaire
Portugal New Stamp Duty filing process postponed to 2021

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 […]

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Posted March 11, 2020 by Elliot Shulver
UK Budget 2020 – IPT Gains a Reprieve

The Chancellor of the Exchequer announced his UK budget for 2020 earlier today. After three rate rises in the previous five years, Insurance Premium Tax (IPT) gained a reprieve from any further increases. The Chancellor mentioned in his Budget document that the Government will shortly publish a summary of responses to the recent call for […]

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Posted December 20, 2019 by Christophe Bourdaire
Portugal – New Stamp Duty filing process to be introduced in April 2020

The Portuguese tax authorities are implementing a new filing system to declare Stamp Duty in Portugal in 2020. Tax payers will now be required to provide detailed information on a transactional basis in order to issue the Stamp Duty return. For insurers, this means that, each month, they will be required to report: The tax […]

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Posted November 12, 2019 by Elliot Shulver
IVASS Sets Italian Management Charge for Year 2020

The Institute for Insurance Supervision (IVASS) in Italy has published the management charge rate for the year 2020. It set the rate for 2020 at 4.12%. 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 October 11, 2019 by Christophe Bourdaire
France, Luxembourg & Portugal: Changes to IPT Tax Filings

Online filing is becoming more popular in the European Union and three new territories look set to modernise how Insurance Premium Tax (IPT) should be filed going forward. France has introduced an article in its 2020 Budget Law that will make the online filing and payment of IPT compulsory by 1 January 2022 at the […]

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Posted October 8, 2019 by Christophe Bourdaire
Greece: New Annual Reporting Obligation

Insurance companies covering risks in Greece must now report their insurance policies annually to meet new obligations introduced by the Greek tax authorities.  A report is due by 31 March each year listing all the invoices declared each quarter during the previous calendar year. Approving the law back in 2016, the Greek tax authorities have only recently […]

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Posted September 24, 2019 by Christophe Bourdaire
Consolidated Filing of IPT and FPT in Austria: Compulsory in 2020

The Austrian tax authorities have confirmed that from fiscal year 2020, insurance companies writing in Austria both from their head office and their network of branches will be required to file single Insurance Premium Tax (IPT) and Fire Protection Tax (FPT) returns. This means that making separate IPT and FPT filings for branches will no […]

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Posted August 1, 2019 by Elliot Shulver
Spanish Green Card Contribution Change

The Spanish Motor Insurers Bureau (OFESAUTO) has agreed its budget for fiscal year 2019 and 2020. OFESAUTO administers the Green Card in Spain and as part of its budget has reduced the rate from €0.07 to €0.06 for each card issued. The Spanish Green Card relates to motor insurance and is a fixed fee per […]

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