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.

Key Features of IPT Determination

Real-time tax calculation

Accurate tax rates for millions of combinations of jurisdictions, lines of business and insurance classes

Rate look-ups

Dynamic research tools for self-service IPT rate look ups and research

Product mapping

Classification of products underwritten and embedded into the system to ensure accurate application of rates for tax calculations on a per policy or portfolio basis, for use by non-tax experts

Global tax database

The most complete database of tax rates and application rules for more than 80 countries

Automated rates and rules updates

Zero-touch rate updates from Sovos’ globally recognized team of regulatory experts

And Combined with IPT Reporting

Tax liability reporting

An end-to-end solution that ensures compliant tax liability reporting across multiple jurisdictions

Transparent audit trail

Full visibility into all transactions from calculations of tax for quote purposes through to reporting to tax authorities

Integrated IPT filing

Accurate tax filing and payment, with no over or under payments