FiscalReps Annual Indirect Tax Academy 2015: Consolidating Compliance
FiscalReps' 2015 Academy focused on how insurance organisations can consolidate their indirect tax compliance, both across tax disciplines and geographical regions, to create an effective and efficient solution which can respond to the organisation’s ever changing business needs.
Maintaining a world class indirect tax compliance solution is a challenge for many organisations. If the mix of in-house expertise, outsourcing and external advisors is not right then bottlenecks or gaps in coverage may occur, potentially leading to tax compliance problems.
Whilst of key interest to all indirect tax practitioners in the international insurance market, the 2015 Academy was also aimed at brokers and underwriters who encounter taxes within their particular business roles and need to develop their understanding of how indirect taxes can shape the products they sell and the clients they support.
Below lists material from the day:
Introduction and Consolidating Compliance
VAT & IPT – Joined Up Thinking
Presented by Peter Hewitt FCII, Head of European Indirect Tax Practice, this session will discuss, using real life examples, how insurance organisations are required to manage both premium tax and VAT compliance on an international basis and consider how the management of both these taxes can be jointly simplified and streamlined.
Taxing Insurance Products
Five sessions focussed on specific insurance products and how they are taxed within the EU-EEA zone. The objective is to provide delegates with key information concerning tax treatment and legal issues which must be considered when selling standard and bespoke products to policyholders.
Each session will be presented by two of FiscalReps premium tax experts and the sessions will cover Property, Marine & Aviation, Motor, Travel and Sickness & Health products.
Technical Tax Masterclasses
Five sessions directed at specific technical areas of indirect tax compliance with the objective of providing delegates with tips and tools to improve internal compliance and deal with common tax problems effectively.
Each session will be presented by two of FiscalReps indirect tax experts and the sessions will cover Location of Risk Rules, Historical Tax Settlements, Premium Allocations, VAT on Claims Costs and Tax Office Audits.
Tax Considerations in the Global Environment
Indirect tax compliance is a global issue and the lack of harmonisation makes for a very complex set of rules to understand, interpret and implement within global insurance organisations.
These five sessions are directed at specific global business issues from a tax perspective and will consider what the problems are and what potential solutions exist covering Tax Technology, Life Insurance, VAT, Solvency II and Covering Non-EU Risks.
Maintaining a Global Database
As policyholders demand for cross border insurance coverage increases the insurance market needs to have access to accurate, reliable and relevant indirect tax information to enable them to accurately price in the cost of tax into insurance products sold.
This session presented by Karen Jenner, Head of Captive Practice at FiscalReps, and Karen Gorman, International Practice Leader at Willis, will discuss the basic requirements of a global indirect tax database with a particular focus on how the data would be used in client scenarios.
Building our Global Reach... a clients' perspective