Navigate the digital landscape of Insurance Premium Tax (IPT)

Insurers are experiencing a collision of consumer-driven IT modernization and an increasingly complex tax compliance environment. As a result, core IPT processes are falling behind the demands of the business.

Protect profits and strengthen audit defence with Sovos IPT Determination

Safeguard your non-life insurance business from the operational and regulatory costs and reputation risk of IPT compliance by improving the accuracy of rates from the beginning of every quote, with:

A real-time database of IPT tax data for over 80 countries, including millions of jurisdictional and product combinations;
A modern cloud- and API-based architecture with access to rate calculation inside underwriting systems; and
More than 20 years of IPT success with the world’s most complex insurers.

Sovos IPT Determination is the first solution to let you use determination tools and then directly upload for filing to tax authorities, providing a basis for consistent, accurate reporting.

Protect profit margin by reducing penalties and out-of-pocket IPT payments resulting from under collection.
Reduce the burden on in-house tax research, streamline underwriting and eliminate IT costs associated with updating rates in multiple systems.
Improve adaptability to deal with fast-changing regulatory environments.
Bolster audit defence with a complete and transparent audit trail.
Manage all IPT compliance needs with one Global vendor.