London, England, September 20, 2012 –The recent introduction of insurance premium taxes (IPT) by Hungary and Denmark confirms that European governments are targeting insurance in their quest for much needed tax revenues, leaving insurance businesses no option but to tighten up their IPT compliance.
This is the message of Mike Stalley, Founder and Chief Executive of tax compliance consultancy FiscalReps, speaking today to an audience of insurance professionals at his company’s 2012 FiscalReps Forum in Malta.
Stalley is urging insurers to beware the complexities of IPT, warning that non-compliance can lead to financial penalties and reputational damage.
He says: “Despite changes to insurance premium tax compliance requirements that were designed to simplify procedures by creating a level playing field, IPT remains a major challenge for insurers throughout the European Union.
“Understanding and managing the complexity of IPT remains an increasingly important task for insurance professionals when transacting business across the EU. With insurance compulsory in many fields, and virtually essential in others, tax on premiums is becoming viewed as ‘easy money’ by revenue authorities in this difficult economic climate. Revenue authorities across Europe are becoming increasingly vigilant and, as a result, compliance failures are more likely to be spotted - and penalised.”
He continues: “This is why our annual forum is dedicated to enabling attendees to bring their knowledge of EU IPT legislative changes up to date – and to equipping them with the basic skills to manage IPT compliance more effectively within their organisations.”
In addition to offering a detailed update on all the latest EU IPT legislative changes, Stalley is sharing his views with FiscalReps Forum delegates on what the future may hold for IPT compliance within the EU.
Stalley says: “Given the success of the 2011 FiscalReps Forums for insurance professionals, which were held in Gibraltar, Dublin and Malta, we are delighted to have had the opportunity to return to Malta this year. Thanks to the forward-thinking nature of the Maltese insurance market, we believe we can help local insurers remain compliant when growing their cross-border business.”
Today’s programme features networking opportunities, refreshments and demonstrations of FiscalReps’ award-winning online software applications, taxbox® and taxDNA®. Delegates also have the opportunity for private one-to-one meetings with FiscalReps specialists.
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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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