Adrian Smith Head of IPT at KPMG and Leigh Francis Taxation Manager at the ABI outline the IPT issues facing insurance companies brokers and insureds involved in global insurance contracts
Taxes charged on insurance premiums are becoming a major consideration for insurers brokers and insured involved in cross-border insurance. Where policies are written across multiple jurisdictions there is a strong likelihood that insurance premium tax (IPT) and other parafiscal taxes will be due in each of these countries.
In the majority of EU territories failure to account correctly for these taxes can lead to penalties and interest charges prospectively as well as retrospectively. Although the insurer is primarily responsible to pay premium taxes these obligations could result in serious compliance issues for the other parties...
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Adrian Smith Head of IPT at KPMG and Leigh Francis Taxation Manager at the ABI outline the IPT issues facing insurance companies brokers and insureds involved in global insurance contracts
Taxes charged on insurance premiums are becoming a major consideration for insurers brokers and insured involved in cross-border insurance. Where policies are written across multiple jurisdictions there is a strong likelihood that insurance premium tax (IPT) and other parafiscal taxes will be due in each of these countries.
In the majority of EU territories failure to account correctly for these taxes can lead to penalties and interest charges prospectively as well as retrospectively. Although the insurer is primarily responsible to pay premium taxes these obligations could result in serious compliance issues for the other parties...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
