Blog posts

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

Dec 16, 2014 21:34 GMT Impendulo Limited ‚ÄčThe 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.

Tax Rate Alert - Malta - Stamp Duty Increase from 1st January 2015

Dec 01, 2014 15:10 GMT Impendulo Limited After consultation with the Maltese authorities we can confirm that the current 10% rate of Stamp Duty will increase to 11% as of 1st January 2015.

Tax Rate Alert - Greek Pension Fund (TEAAPAE) Abolished from 1st Jan 2015

May 29, 2014 13:33 BST Impendulo Limited It's now official - TEAAPAE will be abolished as of the 1st of January 2015. The proposed legislation has now been passed by the Greek government as expected. This means that any premiums invoiced from this date will not bear any charges relating to the TEAAPAE fund, however, any invoices issued up to and including the 31st of December 2014 will still be required to show the levy.

San Marino Tax Authorities To Enforce Late Payment Penalties? Valentina Says 'Maybe'

Apr 30, 2014 21:57 BST Impendulo Limited IPT payments for authorised foreign insurers in San Marino are now due as 30 April marked the first quarter deadline within the country's new IPT regime. It has been reported that those insurance companies who have missed the deadline will be subject to severe penalty fines imposed by San Marino tax authorities as well as a 4% daily interest charge applied to overdue payments.

Tax Rate Alert - Greek Tax Authorities Abolish Tax on Pension Fund (TEAAPAE)

Apr 03, 2014 02:00 BST Impendulo Limited According to a Law that passed through the Greek Parliament on Sunday 30th March, which aims to abolish indirect taxes & levies, it is our understanding that the TEAAPAE levy in all classes of insurance policies will be abolished.

Tax Rate Alert - Abolishment of Greek National Road Fund

Mar 24, 2014 16:28 GMT Impendulo Limited A new law was passed by the Authorities in Greece on March 18th, 2014, titled "Administrative Simplifications - Abolishment & Mergers of Legal Entities and Services of the Public Sector". The law implements the immediate abolishment of the National Road Fund (TEO).