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European Insurers Face Rising Tax Burden

by Ulrika Lomas, Tax-News.com, Brussels

30 November 2012


In 2013, insurers will face an unprecedented level of indirect tax changes in Europe, intensifying the challenge of maintaining tax compliance, a recent London conference was told.

Addressing an audience of more than 100 insurance professionals at its annual Indirect Tax Forum, FiscalReps's Chief Executive, Mike Stalley stated: “Since the start of the financial crisis we have been warning insurers that European governments would increase their focus on indirect taxation to fund budget shortfalls. Now the promised changes are upon us and in the coming year we will see significant insurance premium tax (IPT) and parafiscal tax changes right across the continent."

“From January 1, 2013, onwards, a swathe of countries will raise indirect tax rates, introduce new taxes or revise laws to increase the size of the tax base, and with these changes comes clear evidence of a tightening up of tax revenue collection measures. It is imperative for insurance businesses to keep pace with these developments to maintain tax compliance.”

Attendees were told that several countries in the European Union have introduced, or are in the process of introducing, IPT, or are increasing the tax burden on insurance entities in other ways.

“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," Stalley observed. "This makes it imperative for insurance businesses to tighten up their tax compliance.”

TAGS: compliance | tax | business | tax compliance | Denmark | Hungary | Iceland | Netherlands | Slovenia | law | insurance | insurance tax | Bulgaria | Czech Republic | Finland | Germany | Greece | Poland | Spain | European Union (EU) | Europe

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