On Friday 19 April 2013 FiscalReps hosted the second part of their European Forum tour in Dublin, Ireland.

FiscalReps welcomed over 60 insurance and tax professionals for a 2 hour IPT and VAT update.

After an introduction by Mike Stalley (Chief Executive) Jo Finbow (Client Manager) took the podium. Jo walked attendees through the Life of a Tax Liability from birth to settlement starting with highlighting the location of risk rules. Jo moved through other key points that are essential for insurers to consider when pricing the premium of a policy such as making sure the calculation of premium tax is correct. He moved swiftly through other key considerations for premium tax compliance such as registration to settle premium taxes, the applicable tax point (not consistent throughout the EU), the multiple premium tax deadlines, settlement currency, processes for late submissions, reporting and other local requirements.

Jo later went on to provide a full update of the very many premium tax changes that have recently or are soon due across the EU. Included within these were:

  • the new Pyrite Levy being considered in Ireland
  • the prospective new Flood Levy in the United Kingdom
  • the two new taxes in France
  • the Belgian increase of IPT on Life insurance
  • the IPT rate increase in the Netherlands
  • the German tax authorities wide ranging review of the IPT law
  • the tax changes in Denmark
  • the rate increase in Finland
  • the Stamp Duty increase in Cyprus
  • the changes to the Motor Guarantee Fund in Greece
  • the new IPT in Hungary
  • the Czech Republic’s consideration of a new IPT
  • the potential implications of Croatia’s accession to the EU

Following the whistle-stop overview above Jo handed over to Nazaret Gonzalez, FiscalReps’ Spanish country specialist. Nazaret touched upon the complexities of Spanish IPT and the added burden on insurers that has been created by the decision to decentralise the collection of IPT. Nazaret guided attendees through the local municipalities highlighting the local football teams along the way! She rounded off with an update from Consorcio based upon a telephone conversation she had just the day before.

Peter Hewitt took to the stage next, for a brief update on VAT cases throughout Europe. The news that the ECJ had ruled in favour of Ireland when they challenged the EC on the position of the inclusion of non-taxable companies in VAT groups was well received. Peter highlighted that this could be an indication of good news for the United Kingdom, the Netherlands, Finland, Denmark and the Czech Republic when the decision for these countries is made on 25 April 2013. Peter also touched upon the current cases involving BAA Limited, Wheels, GfBk, PPG and Le Credit Lyonnais and rounded off with an update on the USA, Canida and Russia.

After the two hours of IPT and VAT updates attendees had time to network with their industry peers and the FiscalReps team members about their own premium tax compliance before taking their newly updated knowledge back to the office.

FiscalReps is holding a series of IPT forums throughout Europe and you can keep up to date with the discussions at these events by following @FiscalReps on twitter.

Upcoming IPT European Forums: -

  • 27 June 2013 – Germany
  • 25 July 2013 – Madrid, Spain
  • 27 September 2013 – Milan, Italy
  • 14 October 2013 – Paris, France

The Forums will give you the opportunity to hear some of the world’s leading IPT experts talk about IPT across the EU and quiz them about your company’s IPT compliance. It will also enable attendees to bring their IPT knowledge up-to-date and equip them with the skills to manage their company’s IPT compliance.

The Forums are free to attend. To register your free place at any of the forums please contact:
Ruth Thompson
t: +44 (0)20 7036 8070
e: ruth.thompson@fiscalreps.com