Prepare your business for the digital future of IPT with the market-leading end-to-end premium tax database and software platform
With ever-rising insurance premium tax (IPT) rates, increased complexity and European authorities looking for greater visibility into insurers’ tax liabilities, technology is driving innovative compliance solutions.
As proactive initiatives like digital returns and more granular reporting are enforced on members of the insurance industry, factors like determining IPT liabilities, reporting transparency, audit trails and accuracy are becoming increasingly critical. Anomalies can trigger unwelcome audits from tax authorities, often leaving companies ill-prepared to not only recover the vast amounts of data required but also the redirection of valuable manpower needed to address the audit whilst side-lined from other core activities.
Errors in compliance can be costly – not only from having to pay a hefty fine, due also due to the long-term damage to a company’s reputation and share price. Mistakes can also permanently harm client relationships and leave insurers and brokers having to repair their reputations.
Whilst technology may be driving the speed and complexity of data required by tax authorities, it is also providing opportunities and empowering the insurance world to adapt, connect and scale compliance and reporting processes across multiple regions to reduce the risks of non-compliance.
As the only end-to-end premium tax compliance solution, Sovos eases the burden and risk of IPT compliance across Europe by improving the accuracy of rates, automating return filing and providing peace of mind with real-time access to a secure audit trail.
As opposed to legacy solutions, Sovos IPT is the first end-to-end software solution for non-life insurance companies and brokers. It is the only software to combine:
- The most detailed and accurate tax rate database certified by tax authorities
- Real-time tax calculation inside and outside of existing business systems
- Automated IPT reporting for more than 30 countries
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