Did you know:
Across the European Economic Area (EEA) there are over 90 Premium Taxes?
There are 10 countries within the EEA where there is a legal requirement to appoint a fiscal representative?
Throughout the EEA there are over 500 premium tax return filings required? And over 500 payment deadlines?
Penalties for non-compliance can be as high as 400%?
In 2014, FiscalReps submitted over 17,000 IPT returns across the EU-EEA region - all filed on time, with a total tax value of EUR 217.1 million across all of its clients.
FiscalReps' IPT Outsourcing service includes the following:
FiscalReps prepare the registration documents on behalf of insurers in order to register them with the local tax authorities as an IPT payer in each territory. Where insurers already have a fiscal representative appointed FiscalReps will notify the authorities of their appointment and the change of representative.
Fiscal Representation & Fiscal Agency
FiscalReps have created a network of wholly owned local subsidiaries which can accept the legal appointment as fiscal representative in order to comply with local IPT legislation. The activities and operations of these subsidiaries are under the complete control of FiscalReps head office in the UK, ensuring that the services provided are to a consistently high standard and that continuity of service is maintained for the long-term.
Where there is not a legal requirement to appoint a fiscal representative, FiscalReps in the UK will provide an agency service, liaising directly with the local IPT office and dealing with all local IPT requirements on behalf of their clients.
IPT Return Preparation & Submission
FiscalReps clients can provide one bordereaux to their IPT Manager covering all of their premium tax liabilities across the EEA.
Based on data supplied by their clients, FiscalReps:
Validate premium tax data in each country
Confirm the premium tax due to cover the insurers premium tax liabilities
Request funds for the premium tax settlement to be sent to a segregated client account
Prepare all the necessary premium tax returns
Submit the returns to meet the local deadlines
Client Money Management
Once the client account has been credited with the appropriate funds, FiscalReps will ensure that the correct payment of IPT is made to the local tax offices in accordance with local legislation and reconcile with the IPT returns submitted.
myFiscalReps™ is a secure free on-line filing cabinet which Outsourcing clients can access to obtain copies of documents which are relevant to their on-going IPT compliance status.
Copies of IPT returns filed and reconciliations of client money are available for clients to view and download, providing evidence of their continued compliance. Additionally, permanent information such as key FiscalReps contacts, contractual information and tax office registration details is available to view.
By selecting FiscalReps our clients benefit by:
Ensuring that they fulfil all the local reporting requirements
Ensuring that all the deadlines for premium tax declarations and payments are met
Reducing their internal administrative burden freeing up employees for other projects
Not having to invest time and money maintaining premium tax information
Having access to FiscalReps premium tax experts
FiscalReps premium tax Outsourcing service will streamline your current procedures and ensure you are compliant in every country where you are writing cross-border insurance business.