London, England, February 1, 2012 – Global premium tax compliance consultancy FiscalReps today launches a new video outlining how the company supports a growing worldwide client base in the complex area of insurance premium tax (IPT) compliance.
The video, ‘Building a niche business in a global market’, tells how FiscalReps developed the capability to help clients overcome the challenges of cross-border IPT obligations. The video is available in the online Telegraph Business Club’s Masterclass series at www.telegraph.co.uk/finance/businessclub/ and can also be found on FiscalReps’ own newly revamped website www.fiscalreps.com.
FiscalReps chief executive Mike Stalley says: “I was delighted that FiscalReps was invited to be involved with the Masterclass series, with the opportunity to help other budding entrepreneurs. When we started the company in 2003, resources like this were not available and we had to learn things the hard way. IPT is an extremely complex area – it’s administratively challenging and technically complex. It is only by focusing 100% on IPT that we have been able to develop and deliver a solution that our clients really appreciate.”
Stalley says, as tax legislation varies from country to country, the key to achieving IPT compliance efficiently is the ability to gather, analyse and process reliable premium tax information on an international basis. “The difficulty is that the goalposts keep moving, adding to the risk level for many insurers who find it near impossible to keep track of all the variations. Our service shoulders this burden for insurers.”
Stalley says FiscalReps also has to adapt to market forces, but sees a bright future supporting insurance companies. “In the European Union, for example, it is no longer legally required for insurers to have fiscal representation ‘on the ground’ in member states. However, although this development may impact the way we support some clients in Europe, the need for expert IPT advice remains unaffected for most organisations. At the same time, continuing tax changes globally mean the need for IPT expertise is on the increase in many other regions.”
FiscalReps is exhibiting at the Captive Live 2012 event in London on 31 January and 1 February. Further details are available at www.captiveliveuk.com.
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NOTES TO EDITORS
FiscalReps is an independent consultancy that helps insurance businesses to comply with insurance premium tax (IPT) and parafiscal taxes internationally. The company is the European market leader, with a client list that includes many top insurers, brokers and corporate captive owners. Further information is available at: www.fiscalreps.com.
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