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
August 3, 2020
Should Insurers Receive an IPT Holiday From Their Governments?

It’s been a tough year for businesses. Whilst many have accepted that 2020 is likely to be a year to forget, unfortunately tax still needs filing and paying. Tax authorities have been understanding – nobody could have foreseen this – and there has been a concerted effort to provide SMEs with tax relief and postponements […]

EMEA IPT
July 30, 2020
Filing Premium Taxes When Non-Authorised Insurer

A non-authorised insurer is the term used to describe an insurance company that isn’t licensed with a particular country to provide insurance. This can also be known as non-admitted insurance. The non-authorised insurer doesn’t have to comply with local laws and regulations, however, one consequence of not being authorised means it doesn’t get the same […]

EMEA IPT
July 15, 2020
Pay-Per-Mile Car Insurance – How Do You Tax That?

Car insurance premiums are always making headlines. With the cost of insurance for younger drivers continuing to rise, a new generation of drivers are questioning the need to own a car. Many drivers who live in the city or commute often only use their cars on weekends, but the cost to insure a car that […]

EMEA IPT
July 8, 2020
The Changing Landscape for European Captives and the Challenges Ahead

Over recent years, the number of insurance captives domiciled in Europe has stagnated, if not fallen.  Against this backdrop, the challenges faced by captives across the region are rising and in particular, following the COVID-19 pandemic. A specialized market in restricted jurisdictions Europe is the third largest insurance captive domicile in the world having around […]

EMEA IPT
July 1, 2020
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 IPT
June 23, 2020
With Disruption at Unprecedented Levels, How is InsurTech Helping?

InsurTech companies are really getting their claws into the insurance industry. New products are coming to market, processes are being overhauled and end customers are benefiting from the positive disruption. From Zego’s flexible policies to By Miles pay-per-mile car insurance, new solutions are rewriting the rules of insurance to better serve customers. But are these […]

EMEA IPT
June 17, 2020
In Focus: France’s IPT Landscape

France is usually known for the complexity of its insurance premium tax filing system with many parafiscal charges potentially applying to insurance premiums and with many overseas territories where IPT should be filed directly. Over the last decade, France has either introduced new taxes and contributions on insurance premiums or increased rates. Now, as for […]

EMEA IPT
June 15, 2020
Location of Risk Rules: Insurance Premium Tax

Download this eBook to learn why a robust calculation and apportionment procedure is key to compliance.

E-Invoicing Compliance IPT Sales & Use Tax ShipCompliant Tax Compliance Tax Information Reporting VAT & Fiscal Reporting
June 11, 2020
Video: Modernizing Tax in the Digital Transformation Age

IDG interviews Sovos VP of Strategy, Cristiaan van der Valk, about why tighter alignment between Tax & IT makes sense.

E-Invoicing Compliance IPT Sales & Use Tax Tax Compliance Tax Information Reporting VAT & Fiscal Reporting
June 11, 2020
Bridging the IT-Tax Compliance Gap

Better conversations reduce risk, uncover opportunities and solve problems.