Insurance Tax News

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...