Insurance Tax News

Storm tax will increase from DKK 20 to DKK 30, from 1 January 2011

Amendments to the Act on Compensation for Damage Caused by Flood have been adopted in the Danish Parliament, on 20 May 2010.

UK Budget

The UK government has formulated the emergency Budget.

Insurance Premium Tax training

Do you feel your Insurance Tax systems and processes are 100% robust?  If not who is taking steps to correct this? Should employees be expected to identify areas of weakness? Is it even possible for them to challenge information if they don’t yet know it is incorrect? Should employees be left feeling confused and take undue time to fulfil their roles?

Does the abolishement of a Fiscal Representative really achieve true Freedom of

The European Court of Justice is driving countries to abolish the requirement to appoint Fiscal Representatives.  The aim is to provide freedom of services throughout Europe.

Is Greece to introduce yet another fund?

A Law in respect of a new insurance guarantee fund has been drafted, this is due to continuing negotiations with all parties of interest and as yet has not been passed on to the Greek Parliament for voting.

Germany - Bundeszentralamt für Steuern system changes

From the 30th July 2010 the Bundeszentralamt für Steuern will be the national tax authority responsible for insurance and fire protection tax, instead of the current local tax offices.  You do not need to make any changes to your processes.

Greek Penalties Amnesty

We are pleased to let you know, the Greek Penalties Amnesty has been extended until the end of June.

Bulgaria propose to introduce a 2% tax on insurance premiums

A law drafted by the Bulgarian Finance Ministry provides for the introduction of a 2% tax on insurance premiums. The new tax introduction is due to take effect from the 31st August 2010 and, according to the Ministry, it is estimated to raise a total of BGN 50 million by the end of 2010.

Achieve true Freedom of Services

The European Court of Justice is driving countries to abolish the requirement to appoint Fiscal Representatives. The aim is to provide freedom of services throughout Europe.

Do you know Bundeszentralamt für Steuern are centralising tax payments?

The Bundeszentralamt für Steuern will be the national tax authority responsible for insurance and fire protection tax, from the 1st July 2010. You will no longer be submitting taxes to local taxes offices of the federal state.

Finnish Budget

The Finnish Government has formulated the budget proposal for 2010.

Spanish Rate Change

Spanish Consorcio Rate change details with effect from 1st June 2009.

Belgium Rate change

An exemption has been introduced by the law dated 27 th March 2009.

Irish Rate increase

Changes to Irish Stamp Duty on policies incepted after the 1st June 2009.

Greek Stamp Duty

Greek Stamp duty has been abolished with effect from 1st January 2009

CEA guide 2009

Please see the CEA latest edition of its well received tax publication.

MRPF

With effect of the 20th March 2009 the rate of Major Risk Prevention Funds (MRPF), on the product of the Natural Catastrophe Premium (CatNat), has increased from 8% to 12%. (Reference to L. 125-2 of The Code of the Assurances).

A significant ruling for Homeserve

Homeserve may now face a retrospective IPT bill of some £1 million, but this case could affect other insurance intermediaries who are remunerated on a fee basis. For more information please see  our press releases section, The Spotlight on Insurance Premium Tax Compliance.  For Homeserve case notes please download the PDF.

Did you know the Extraordinary Risks tax rates have changed?

The ruling 12 November 2008 certain modifications, the attached document is a translation of the spanish document and is to the best of our knowledge accurate.  (The orginal document is availible from Gillian.perry@fiscalreps.com).

Did you know that Italian pre-payment has changed?

The 2009 Italian pre-payment is to be calculated at 14% (previously 12.5%), of the total taxes paid to the Italian tax authorities by you, for the period 1st January 2007 to 31st December 2007. The value paid is used to net off your taxes from January 2009.
 

New rules for insurers writing risks in the UK

The UKs' recently passed Finance Bill 2008 has introduced changes to the requirements for fiscal representation, which may benefit many overseas insurers writing business in the UK

Increase in Insurance Premium Tax in Netherlands

On Tuesday 18th December 2007 the Netherlands tax authorities confirmed the tax plan for 2008. Incorporated within their tax plan is the increase of Insurance Premium Tax rates from 7.0% to 7.5%

Italian Claims Reporting

There has been a great deal of uncertainty over the exact requirements of the claims reporting legislation introduced by the Italian tax authorities...

Increase in Premium Tax Rates in Germany

The German Federal Council (Bundesrat) has approved amendments to the Insurance Tax Act through the Federal Budget Accompanying Act 2006. Article 5 of the Federal Budget Accompanying Act 2006 ratified an increase in premium tax rates in Germany which are due with effect from 01 January 2007...

Change in Regulations for Insurers Writing Belgium Risks

A recent change in the law in Belgium may have a beneficial effect for many EEA resident insurers writing business under Freedom of Services legislation.

With effect from 1st January 2006 EEA resident insurers are no longer required to appoint a fiscal representative in order to file and pay Belgium premium tax liabilities...