NewsCase StudiesEvents

IPT Round-Up For October 2015

Also in the news...

Republic of Belarus sanctions: guidance

Guidance on the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019

UK-New Zealand Joint Committee ministerial statement

Details of the Joint Committee held as part of the United Kingdom-New Zealand Free Trade Agreement on 8 May 2024.

Tips for Success in the German Market:

Avoiding Pitfalls and Understanding German Consumer Needs

UK-China Intellectual Property Newsletter

At the end of every month we publish a newsletter covering recent intellectual property (IP) developments in China.

Ensuring Compliance: Strategies For Meeting Health And Safety Standards Abroad

Expanding your business abroad brings a wealth of opportunities, but it also introduces new challenges, particularly in maintaining health and safety standards. Ensuring compliance with local regulations is not just a legal obligation; it's crucial for the well-being of your employees and the overall success of your venture.

IPT Round-Up For October 2015

Back to News

Round up of recent changes to taxes on insurance premiums around the world. All of these changes have been or will be reflected within IPT Quote.

Italy

Insurance Premium Tax (IPT) on motor policies in Pistoia has increased from 15.5% to 16% as of 13 July 2015.

IPT on motor policies in Firenze has increased from 10.5% to 16% as of 10 July 2015.

Romania

The Policyholder Guarantee Fund contribution is no longer paid to the Autoritatea De Supraveghere Financiara (ASF). Law No. 213/2015 granted the Fund a legal status where it shall manage itself without the supervision of the ASF with effect from 24 July 2015.

Rule No. 17/2015 was published to facilitate the implementation. The Rule has emphasized that the rate of the contribution remains unchanged, where 1% is applicable to the non-life policies and 0.4% to the life policies. In addition, the creditors are not only defined as insurers established inRomaniabut also as their branches pursuing business in the territory of other EU member states.

San Marino

According to Delegated Decree no. 133 of 4 August 2015, insurance related to aircraft registered in the San Marino Registry is exempt from Insurance Premium Tax. This exemption is effective 4 August 2015.

Tanzania

The Tanzanian VAT Act 2014 has been passed stating that insurance premiums will be subject to VAT at the rate of 18% as of 1 July 2015.

Uganda

The Ugandan Income Tax Bill 2015 has stated that withholding tax on the payment of reinsurance premiums from a resident to a non-resident will be reduced from 15% to 10% with effect from 1 July 2015.

Zambia

The Zambian 2016 budget has laid out plans to abolish the 16% VAT rate on all non-life insurance premiums. This will be replaced with a 3% levy on insurance premiums and these changes come into effect on the 1 January 2016.

Other changes

There have also been major changes in the UK and Greek insurance tax regimes which we have highlighted in separate articles:


You are not logged in!

Please login or register to ask our experts a question.

Login now or register.