London, November 12, 2012 – The quickening pace of insurance-related indirect tax changes by European governments will come under the spotlight at FiscalReps’ annual Indirect Tax Forum: Managing Uncertainty this month.
FiscalReps (www.fiscalreps.com), which helps insurance businesses to comply with insurance premium tax (IPT), VAT and parafiscal taxes internationally, will hold its seventh annual Indirect Tax Forum on Friday 23 November in London. The event will provide the definitive update for insurance professionals on European tax changes and other topical developments in IPT and related indirect taxation.
Mike Stalley FCA, Founder and Chief Executive of FiscalReps and chair of this year’s event, says: “The on-going financial crisis means that governments around the globe are paying urgent attention to how to raise much-needed funds to balance their books. As they cast their nets wider, as expected, their focus has turned to insurance premium tax.”
“The four-pronged approach by governments in both Europe and North America now ranges from the introduction of new insurance premium taxes to a significant increase in existing tax rates, greater and more stringent enforcement and the careful closing of tax loopholes. This makes it imperative for insurance businesses to tighten up their tax compliance.”
Stalley warns insurers that the risks of non-compliance with ever-changing IPT regulations can be substantial.
He says: “Despite recent changes to compliance requirements, IPT continues to be a major challenge for insurers. However, the cost of ignoring IPT can be punitive, with the potential for severe penalties, interest payments and reputational damage.”
FiscalReps’ Indirect Tax Forum offers participants the opportunity to hear and quiz a panel of industry experts on the latest changes in international IPT and VAT compliance. In particular, the day provides a rare opportunity for brokers, underwriters, tax managers and risk managers to stay current with evolving best practice in this challenging area.
Stalley says: “We look forward to welcoming a range of expert speakers at the seventh of our highly successful Annual Indirect Tax Forums, who will be able to share their insights into the latest global developments. They will examine subjects as diverse as the changing landscape of European IPT, how to sustain global compliance and how to address uncertainty and trends in the captive market.”
Those attending the Forum will also have the opportunity to attend up to three of seven break-out sessions at the event. Topics under the spotlight range from European tax practice developments, with particular emphasis on France, Spain and Germany, to current tax practice developments in the US and Canada. The break-out sessions also address a range of business areas, including global premium tax management for captives and maintaining global tax databases. These smaller sessions are specifically designed not only to allow more interactivity, but also to allow participants to ask questions specific to their areas of business.
In addition, the event provides all attendees with an opportunity to experience a demonstration of FiscalReps’ unique software applications, taxbox ® and taxDNA®.
Following the close of the main event and prior to a wine reception, participants have the option to arrange 10 minute, one-to-one appointment with a FiscalReps specialist from the company’s European and North American divisions at the event’s Tax Surgery. The Surgery will provide attendees with an opportunity to discuss any specific indirect tax queries they may have relating to the fields of European IPT, VAT, North American premium taxes and tax compliance for captives and risk managers.
FiscalReps’ Indirect Tax Forum is to be held on Friday 23 November 2012 at Trinity House, Tower Hill, London EC3N 4DH between 8.45am and 3pm.
To review the agenda and reserve your free place for the definitive update on the indirect tax developments and issues that affect your business, turn to http://www.fiscalreps.com/fiscalreps-annual-indirect-tax-for....
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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