Global Program Tax Review
Premium Tax is a global issue with no harmonisation. Publicly available information is varied in detail and accuracy and hard to find. FiscalReps can give you the answers you need. Below are a few of the common consultancy projects FiscalReps regularly completes for insurers to help them ensure that they are premium tax compliant:
Location of Risk
Determining the location of the risks that you are writing is an essential first step to ensure your company’s local premium tax compliance. Although there are EU wide rules to help insurers decide on the location of risk the authorities in each country have interpreted these individually. Using a combination of hand selected local advisors, local tax authority relationships, previous legal rulings and an unrivalled knowledge of local legislation, FiscalReps can determine where your risks are located.
Premium Tax Rate Advice
Ensuring that you are applying the correct premium tax rates is complicated. As well as the local Insurance Premium Tax insurers need to know that they have accounted for all the local parafiscal taxes. Having this knowledge enables insurers to build these costs into their premium pricing and avoid any nasty premium tax shocks when it comes to paying their taxes affecting your organisations profit.
The cost of getting premium tax rates wrong can result in the overpayment of tax, which in some countries is very difficult to recover, or underpayment of tax which can result in large fines and could lead to reputational damage.
FiscalReps Electronic Database
FiscalReps' Insurance Premium Tax database is a fully comprehensive guide for insurers giving them the taxes, rates, tax points and important information on a country and class of business basis. This database also has the ability to be integrated into underwriting systems giving insurers access to live premium tax information.
FiscalReps Premium Tax Healthchecks
To ensure your company is getting things right FiscalReps can review your compliance process. FiscalReps' healthcheck involves one of our IPT consultants checking your organisation's IPT data for a 3 month period and, based upon the business classes covered, will advise you on whether the correct premium taxes have been applied, the dates these taxes should have been paid by, a review of the returns that were submitted to the local authorities and supporting material. The Healthcheck will give you peace of mind that you are fully compliant with local IPT or highlight any gaps that there may be in your compliance processes and give you advice on how to fix these in a timely, effective and compliant manner.
FiscalReps have the expertise to answer all your premium tax related questions. Our extensive internal knowledge is backed up by local experts that are handpicked by FiscalReps who, as an independent company, are not tied to a network of substandard advisors. FiscalReps have also built strong relationships with the local tax authorities giving us access to advice right from the source.
5 Point Healthcheck