Consultancy
Are you wondering - will our current systems stand up to the scrutiny of an external tax audit, in this most dedicated revenue-collecting environment?
FiscalReps have the technical expertise to ensure you are fully compliant.
IPT Review
FiscalReps offers clients a complete 360 degree IPT Review of all your compliance systems and processes. In many instances, these were created at a time when Insurance Premium Tax (IPT) compliance was still a side issue.
We call this the FiscalReps IPT Review. The FiscalReps IPT Review involves looking at all the constituents of your IPT business process – data flow, data sources, personnel involved, treasury and banking. This is followed by a full cost/benefit analysis to demonstrate clear benefits for the client. Elements of this IPT Review include services around tax rates review, controls & reporting review, the overall process review and a full report on suggested improvements.
Parallel Run
In order to achieve IPT compliance, organisations need to make sure all the processes, data flow and data sources between underwriter and back office functions are working seamlessly and with 100% accuracy.
FiscalReps offers an additional option, to run a dual data run to identify any areas of IPT rate inconsistency. Clients submit historic premium data and FRL then runs the data through the taxbox™ tool in order to ascertain how much tax they actually paid, versus how much (if processes, data flow and data sources are in order) they should be paying. This service is offered with no obligations but is a good ‘health check’.
United States’ Federal Excise Tax (FET)
Acquiring the knowledge and administrative resource to keep up with the EU’s 21 different IPT regimes, varying widely in terms of business classes liable and methods of payment, is challenge enough. Meanwhile, across the Atlantic, there is the impact of the United States’ Federal Excise Tax (FET) on cross-border insurance programmes' insurance premiums and its resultant cascading effect.
Negotiating complicated US tax treaties is complex, with establishment of liability particularly difficult. FiscalReps' has extended its expertise in global IPT and IPT-like tax regulations due to recent client demand.
Bespoke Technical Indirect Tax projects
Outsourcing IPT compliance frees up valuable insurers’ time and resources to get on with the value add and revenue generating client advisory activities that contribute to the bottom line. That's why working with a market leader in this area can strip out so much admin burden around IPT.
European insurance tax compliance is made easy utilising the FiscalReps network of insurance premium tax experts in every EU member state. This full coverage makes sure that clients have local insurance tax expertise on the ground to support the clients.
Global taxes on an issue such as the “non-admitted” market for instance can be dealt with equally as efficiently as FRL have the ability to find the information required and to tailor an appropriate solution for the client. Historical tax declaration and fine reduction and mitigation is an increasing area of interest. As IPT has been “under the radar” for so long that Insurers have unpaid taxes to declare. FRL will calculate and declare the taxes offering advice and expertise in positioning these in order to allow insurance companies to continue trading and escape further penalties or investigation.
If you would like to discuss further with one of our representatives contact us
