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

North America Unclaimed Property
August 5, 2021
Unclaimed Property Audit Support Results

So, who wants to read another article about unclaimed property audits and how burdensome they are?  I mean sure, most of you have either heard, read about, or experienced firsthand how difficult the examinations are to navigate and how long they can be, but rarely do we hear any good news when it comes to […]

E-Invoicing Compliance EMEA
August 5, 2021
Protected: Infographic: France – Mandatory B2B e-Invoicing 2023

There is no excerpt because this is a protected post.

North America ShipCompliant
August 3, 2021
2021 Direct-to-Consumer Wine Shipping Mid-Year Report

Following the January release of our annual Direct-to-Consumer Wine Shipping Report in partnership with Wines Vines Analytics, consumers continue to make changes in how they get their wine. With the economy still working to rebound in the wake of the COVID-19 pandemic, ecommerce sales have remained important. On-premise locations, including bars, restaurants and tasting rooms, […]

EMEA IPT
August 3, 2021
The Five Pillars of IPT Compliance

For anyone relatively new or unfamiliar with insurance premium tax (IPT), an understanding of each of the core components is key to ensuring compliance. They also sit in a logical sequence of five distinct areas. Location of risk Class of business Applicable taxes and tax rates Declaration and payment Additional reporting  1.Location of risk rules […]

EMEA VAT & Fiscal Reporting
August 3, 2021
What the Modernisation of Intrastat Means for Businesses

What is Intrastat? Intrastat is a reporting regime relating to the intra-community trade of goods within the EU. Under Regulation (EC) No. 638/2004, VAT taxpayers who are making intra-community sales and purchases of goods are required to complete Intrastat declarations when the reporting threshold is breached. Intrastat declarations must be completed in both the country […]

North America VAT & Fiscal Reporting
December 6, 2021
e-Invoicing Exchange Summit | Dec 6-8 | Miami, FL

Sovos is sponsoring the E-Invoicing Exchange Summit in Miami from December 6 to 8, 2021. Join us for a great variety of presentations, user case studies, round-tables and panel discussions to ensure everyone’s needs and challenges will be met. Participants get an update on the U.S. E-Invoicing standardization, the design for a global interoperability framework, […]

North America Sales & Use Tax
December 2, 2021
CFO San Francisco | Dec 2

Join Sovos and financial leaders for a day of thought-leading exchange as we examine directions from within the Office of the CFO; all under the umbrella of riveting keynotes, revealing panels, engaging round-tables and unparalleled networking.

North America Sales & Use Tax
November 9, 2021
CFO Atlanta | Nov 9

Join Sovos and financial leaders for a day of thought-leading exchange as we examine directions from within the Office of the CFO; all under the umbrella of riveting keynotes, revealing panels, engaging round-tables and unparalleled networking.

North America Sales & Use Tax
October 21, 2021
CFO Chicago | Oct 21

Join Sovos and financial leaders for a day of thought-leading exchange as we examine directions from within the Office of the CFO; all under the umbrella of riveting keynotes, revealing panels, engaging round-tables and unparalleled networking. 

E-Invoicing Compliance EMEA VAT & Fiscal Reporting
July 30, 2021
Poland: Krajowy System e-Faktur moves to next phase of legislative process

Progress has been made in the roll-out of the Polish CTC (continuous transaction control) system, Krajowy System of e-Faktur. Earlier this year, the Ministry of Finance published a draft act, which is still awaiting adoption by parliament to become law. Draft e-invoice specifications have been released and there has been a public consultation on the […]