IPT Round-Up For October 2015

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 in Romania but 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...