Blog posts

Tax Alert - Italy - Declaration Change

Jan 16, 2015 18:35 GMT Impendulo Limited Through our Contacts in Italy we can confirm that the declaration of returns will change from a monthly to an annual basis. This will be due by 31st May of the following year. All other aspects will remain the same, including monthly payments and the prepayment.

Tax Alert - France - Motor Contribution to be Abolished from 1st Jan 2015

Jan 14, 2015 18:13 GMT Impendulo Limited In the Law 2014-1554 published on 22nd December 2014 the French Authorities confirmed that the Motor Contribution, currently taxable at 15%, will be abolished from 1st January 2015. It will be replaced by an IPT Rate dependent on vehicle weight: 15% IPT on compulsory motor insurance for land vehicles with a weight over 3.5t 33% IPT on compulsory motor insurance covering all other land vehicles

Tax Alert - Belgium - Change to the Tax Authority Governing the Taxation of Insurance Premiums

Jan 14, 2015 17:33 GMT Impendulo Limited From 2015 onwards the declaration and payment of various taxes in Belgium will be governed by a centralised authority, Federal Public Service – General Administration of Tax Collection and Recovery. This will allow insurance organisations and their representatives to pay their taxes to a single authority across the various rates, as opposed to the numerous authorities we currently work with.

Tax Alert - Portugal - Proposed Increase in INEM Tax Rate

Jan 14, 2015 17:28 GMT Impendulo Limited The 2015 Portugal Budget Review includes a proposal to increase the INEM rate from 2.0% to 2.5%. This is yet to be confirmed and we will keep all clients up to date.

Tax Alert - Slovenia - Increase in Insurance Premium Tax Rate

Jan 14, 2015 13:24 GMT Impendulo Limited The Slovenian Authorities have increased the rate of IPT from 6.50% to 8.50% as of the 1st January 2015. It is to be applied on a ‘cash received’ basis.

Tax Alert - Spain - ECJ Judgment Removes Fiscal Rep Requirement for FOS Insurers

Dec 16, 2014 21:34 GMT Impendulo Limited ​The European Court of Justice (ECJ) has released its Judgment of case C-678/11, European Commission vs Kingdom of Spain. The case was regarding Spain's requirement for Insurance Companies acting on a FOS basis to appoint a local Tax Fiscal Representative. The ECJ has concluded that such requirements restrict an Insurer's freedom to provide services.

Tax Rate Alert - Denmark - Increase in Flood Levy

Dec 10, 2014 13:56 GMT Impendulo Limited The Danish Authorities have notified us that the Flood Levy has increased from DKK 30 to DKK 60. DKK 10 of this is a permanent increase whilst the other DKK 20 is temporary. The temporary increase is due to the particularly heavy Storm in December 2013.

Tax Rate Alert - France - Increase of IPT on Legal Expenses

Dec 10, 2014 13:46 GMT Impendulo Limited After consultation with the French Ministry of Finance we can confirm that they are proposing to increase the Insurance Premium Tax rate on policies covering legal expenses from 9% to 11.6% as of 1st January 2015.

Tax Rate UPDATE - Malta - Stamp Duty Increase

Dec 10, 2014 13:28 GMT Impendulo Limited The Maltese authorities have contacted us regarding the increase in Stamp Duty from 10% - 11%. They have changed the inception date of this raise from 1st January 2015 to 1st February 2015. It is applicable on policies with 'date of inception' from 1st February onward, not on policies paid from this date.

Tax Rate Alert - UK - Spacecraft Policies Made Exempt

Dec 01, 2014 18:09 GMT Impendulo Limited Through correspondence with the UK Authorities we can now confirm that Spaceship policies booked after 01/12/2014 are now exempt from IPT. Pre-launch risks are not covered by this exemption.