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 cast in the Spanish Parliament in the coming weeks so can still be subject to change.
Spain – Plan to Increase the IPT Rate From 6% to 8% in 2021
Christophe Bourdaire
October 29, 2020
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Author
Christophe Bourdaire
Senior Regulatory Specialist, Regulatory Analysis.
Christophe joined Sovos FiscalReps in 2011 and has been managing the IPT compliance process for a portfolio of captives and French speaking clients. Based in France, he focuses on the development of the global IPT content and technology offering. Christophe completed a degree (certificate) in Journalism at Ecole Nouvelles in Nice, France. He is a native French speaker, and also speaks fluent Spanish.
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