Reduce Risk with the First Complete Solution for Insurance Premium Tax

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.

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

IPT
January 21, 2021
HMRC’s Second IPT Consultation – Response Deadline Fast Approaching

HMRC, the UK’s tax authority, is asking for responses to its Insurance Premium Tax: Administration and Unfair Outcomes Consultation, by 5 February 2021. The first consultation and call for evidence for Insurance Premium Tax (IPT) was back in 2019 and questions focused on the modernisation of IPT and efficiency improvements for businesses and HMRC. It […]

EMEA IPT
January 20, 2021
Navigating Insurance’s Digital Highway Copy

From underwriting to reporting, the insurance industry is having to adjust and by choice or imposed, is embracing the digital evolution of its practices. On the reporting front, more tax authorities are forcing insurance companies to tailor their internal processes by jurisdiction, directly impacting the collection of information at the underwriting stage. Digitized services continue […]

EMEA IPT
January 13, 2021
In Focus: Hungary – Taxpayers’ Categories

Just like in every jurisdiction, settling tax liabilities compliantly is important to avoid penalties and other consequences. But in Hungary there are additional benefits to a taxpayer if tax liabilities are settled as compliantly as possible. As of 1 January 2016, Hungary introduced the so-called taxpayers’ qualification system. This means the Hungarian Tax Office (HUTA) […]

EMEA IPT
January 7, 2021
Location of Risk: The Rules and Exceptions to Look Out For

Location of Risk is the foundation of any discussion concerning Insurance Premium Tax (IPT). Once you have correctly established the Location of Risk on a policy, you are on the cusp of determining what indirect taxes are due. The rules can be complex and differ from country to country, so a robust apportionment and calculation […]

EMEA IPT
December 27, 2020
Easing the Stress of IPT Filings

Insurance premium tax (IPT) deadlines – whether it’s month end, quarterly filing or end of year, can be stressful for insurance tax teams juggling regular workloads alongside the added pressure of ensuring filing is completed accurately and on time. To help, we wanted to offer some guidance on how to navigate deadline season successfully. Understand […]

EMEA IPT
December 20, 2020
France – Insurers to Pay Part of the Covid-19 Bill

Since the Covid-19 outbreak, the insurance industry has been put under the spotlight in France, sometimes being the scapegoat for failing to compensate its insureds. Exceptional tax, insurance premiums frozen, contribution to Solidarity Funds and schemes are all examples of the measures taken. In this blog we detail the different steps taken by local authorities […]

EMEA IPT
December 10, 2020
Portugal’s New Stamp Duty Requirements are Nearly Here – are you Ready?

The new stamp duty requirements in Portugal will come into effect in February 2021, having been previously delayed. The delay has given insurers extra time to prepare for the upcoming changes but even with that additional buffer, many may still be unsure of the requirements and what is expected of them. The new system will […]

EMEA IPT
December 1, 2020
Data Accuracy for Insurers – The Cost of Getting it Wrong

With tax calculations being mainly data-driven in the insurance industry, it’s imperative that data provided is complete and accurate. Yet gaps in datasets and missing information still happen from time to time presenting a challenge for insurance companies. These gaps can cause a delay in filings which in turn, can lead to penalties and interest […]

EMEA IPT
November 24, 2020
Technology Disconnect in Insurance – Why IPT Needs Prioritising

Many insurers still depend on legacy systems to file insurance premium tax (IPT). Whilst cost is sometimes the reason for this decision, some organisations simply don’t prioritise technology upgrades, instead, choosing to focus on initiatives that improve the customer experience or other business workflows. Can this situation continue? Unlikely for much longer, as more tax […]

EMEA IPT
November 19, 2020
The Complexities for Insurers when Writing Insurance Through Third Parties

There are many different avenues an insurer can use to write insurance business. These include brokers, intermediaries and managing agents to name a few. When using a third party and looking at the rules around insurance premium tax (IPT) calculation and submission by each of the tax authorities, it can be difficult to know how […]