Reduce Risk with the First Complete Solution for Insurance Premium Tax

Business person reviewing printed report
MAKING TAX DIGITAL​

Tax authorities are going digital​​

The wave of governments making tax digital is gaining momentum and shows little sign of slowing. Authorities globally continue to look for ways to tighten loopholes, reduce tax gaps and gain greater visibility into insurers’ tax liabilities.

Taxes on insurance are fragmented. And achieving compliance can be a headache requiring specialist knowledge especially as no two jurisdictions are the same and currencies, rates, deadlines and location of risk rules may vary by country.

MAXIMISE EFFICIENCIES

Technology is driving innovative compliance solutions in response to these growing demands

Against this backdrop, insurance companies are faced with mounting pressure to protect profit margins amidst competition from new entrants and often from old and legacy systems.

As proactive initiatives like electronic returns and more granular reporting become a reality for insurers, factors like determining IPT liabilities, reporting transparency, audit trails and accuracy become increasingly critical.

Trends: Insurance Premium Tax Whitepaper Cover
White Paper

Trends: Insurance Premium Tax

To gain a holistic view on the fate of insurance premium tax compliance, download our white paper. It also contains additional articles drawing on our knowledge and experiences of the industry.

With Sovos IPT be confident in compliance amid rapid change

Focus on your business objective

Sovos safeguards companies from the headache of this ever-evolving landscape. Customers can be confident in their compliance so they can focus on their core business objectives and what they do best.

Trusted by Fortune 500 companies

Sovos actively works with insurers across Europe including many of the top 100 UK insurers, FTSE Eurotop 100 and Fortune Global 500 companies.

Save time and money

Our software simplifies the preparation of insurance premium tax and parafiscal returns. It provides accurate, real-time tax rates and calculations helping you reduce the amount of errors and reprocessing needed, operational effort to manage tax calculations, and reporting overheads, audits, and potential fines.
MANAGED SERVICES

Technology Enabled IPT Managed Services

A blend of human expertise and software to ease your IPT compliance workload and reduce risk wherever you operate today while ensuring you’re ready to handle your IPT compliance requirements in the markets you intend to dominate tomorrow.

Related content

EMEA VAT & Fiscal Reporting
November 25, 2021
France: Two New Declarations to Replace the DEB

As of 1 January 2022, the Declaration of Exchange Goods (DEB) will be replaced by two new declarations, a statistical survey and a VAT summary statement. Current requirements Currently, taxpayers must complete the DEB, which is a single declaration that merges a statistical section and a tax section. Taxpayers must fill out both sections of […]

E-Invoicing Compliance EMEA Spain
November 25, 2021
Spain: New Timelines for the Adoption of TicketBAI in the Basque Country

The Provincial Council of the Gipuzkoa region in the Basque Country recently published Foral Order 608/2021. This establishes the schedule for adopting the TicketBAI (TBAI) obligation in that region. This local regulation also exempts certain natural persons of an age close to retirement from its compliance. What is TicketBai? TicketBAI is an initiative between the […]

EMEA IPT
November 25, 2021
IPT Compliance in Denmark

Continuing our blog series looking at specific IPT-related tax acts around the world, we head to Denmark. This insight is shared in Sovos’ Guide on IPT Compliance. Written by our team of IPT and regulatory specialists, this guide is packed full of insight to navigate the ever-changing regulatory landscape. Non-life insurance tax registration and reporting […]

E-Invoicing Compliance EMEA VAT & Fiscal Reporting
November 24, 2021
Your Questions Answered: Saudi Arabia E-Invoicing Mandate

In our recent webinar, the team at Sovos discussed the upcoming Saudi Arabia e-invoicing mandate. The webinar covered the finalised rules for Phase 1 of the e-invoicing regime which is due to go live on 4 December 2021 as well as updates to phase 2. There were plenty of questions we didn’t have time to […]

North America Tax Information Reporting
November 23, 2021
Industry Spotlight: Financial Institutions

The last time I wrote to you about recent trends with unclaimed property and financial institutions, I talked about the increased audit activities and unique challenges that financial institutions face. Read the April 2021 article here. Regardless of your industry, I am sure you have heard the Consulting Team at Sovos share just how important […]

North America Sales & Use Tax
November 22, 2021
How to Gain Transparency and Control of Your Tax Engine

Tax is a critical component of your business’ success and should never feel inaccessible. You don’t want your approach to tax to become a black hole where information disappears and is difficult to find. You and your teams deserve full visibility of your data and tax engine information, with self-service tools at your fingertips to […]

North America ShipCompliant
November 22, 2021
How to Evaluate ROI When Entering New States for DtC Shipping

Whether your organization is just starting out in the direct-to-consumer (DtC) wine shipping channel or you’ve been established for years and are looking to expand into new markets, it can be a challenge to know which states to enter. It’s important to have a sense of the potential return on investment (ROI) before selecting a […]

EMEA VAT & Fiscal Reporting
November 22, 2021
Analysis: The Import One Stop Shop (IOSS) Four Months On

The European Commission (EC) introduced the Import One Stop Shop (IOSS) on 1 July 2021 to simplify the accounting for VAT on goods imported into the EU with an intrinsic value below EUR 150. It is not compulsory, and there are alternative methods of accounting for import VAT on such imports. As with any new […]

EMEA IPT VAT & Fiscal Reporting
November 19, 2021
Meet the Expert: Menuka Thajali – Senior Compliance Services Representative – IPT at Sovos

Meet the Expert is our series of blogs where we share more about the team behind our innovative software and managed services. /p> As a global organisation with indirect tax experts across all regions, our dedicated team is often the first to know about new regulatory changes and the latest developments on tax regimes worldwide […]

EMEA VAT & Fiscal Reporting
November 18, 2021
Romania SAF-T: New Guidance for Submission Deadlines

In previous blogs, we’ve taken a deep dive into Romania’s new SAF-T requirements. In the latest guidance released this week, the tax authority has provided updated implementation timelines for different sizes of taxpayers and information on the grace period. In addition to clarifying timelines, the tax authority also issued a new version of the schema […]