Reduce Risk with the First Complete Solution for Insurance Premium Tax


Tax authorities are going digital​​

The wave of governments making tax digital is gaining momentum and shows little sign of slowing. Authorities globally continue to look for ways to tighten loopholes, reduce tax gaps and gain greater visibility into insurers’ tax liabilities.

Taxes on insurance are fragmented. And achieving compliance can be a headache requiring specialist knowledge especially as no two jurisdictions are the same and currencies, rates, deadlines and location of risk rules may vary by country.


Technology is driving innovative compliance solutions in response to these growing demands

Against this backdrop, insurance companies are faced with mounting pressure to protect profit margins amidst competition from new entrants and often from old and legacy systems.

As proactive initiatives like electronic returns and more granular reporting become a reality for insurers, factors like determining IPT liabilities, reporting transparency, audit trails and accuracy become increasingly critical.

White Paper

Trends: Insurance Premium Tax

To gain a holistic view on the fate of insurance premium tax compliance, download our white paper. It also contains additional articles drawing on our knowledge and experiences of the industry.

With Sovos IPT be confident in compliance amid rapid change

Focus on your business objective

Sovos safeguards companies from the headache of this ever-evolving landscape. Customers can be confident in their compliance so they can focus on their core business objectives and what they do best.

Trusted by Fortune 500 companies

Sovos actively works with insurers across Europe including many of the top 100 UK insurers, FTSE Eurotop 100 and Fortune Global 500 companies.

Save time and money

Our software simplifies the preparation of insurance premium tax and parafiscal returns. It provides accurate, real-time tax rates and calculations helping you reduce the amount of errors and reprocessing needed, operational effort to manage tax calculations, and reporting overheads, audits, and potential fines.

Related content

EMEA IPT Italy Tax Compliance
June 3, 2020
Italian Parafiscal Complexities

Premium tax and parafiscal compliance for insurers authorised to operate under the Italian regime can be challenging. For the experienced, it may seem that each year brings a different obligation to be met with new requirements often being introduced. There are almost always links between an upcoming year’s reporting requirements and declarations made in previous […]

EMEA IPT Tax Compliance
May 26, 2020
Why IPT Reporting is so Complex for Insurers

Accurately calculating insurance premium tax (IPT) for reporting can be complex.  And the ramifications of getting it wrong can be far reaching from impacting profit margins to unwelcome audits, fines and damage to your company’s reputation in the market and with customers. Calculation methods When I speak to customers about how they calculate insurance premium […]

EMEA IPT Tax Compliance
May 20, 2020
Is COVID-19 Rewriting the Rules for how Insurers Cover Epidemics?

Coronavirus has already immeasurably changed how we live, work, travel and socialise, and the insurance industry is certainly no exception. Looking back, policies agreed at the beginning of this year could never have reasonably taken into account the scale of this pandemic because nothing like this situation has graced the world in living memory. Furthermore, […]

May 14, 2020
In Focus: Easing the Pain of Negatives for Insurers

Anyone involved in insurance premium tax (IPT) compliance will be only too aware of negatives.  Sadly, they almost always cause a headache and not only for financial reasons but also from a tax compliance perspective as well. What are negatives? Negatives for IPT purposes mean negative policy lines in documentation created to support the premium […]

May 13, 2020
Insurance Premium Tax: Back to Basics

For those tax teams new to insurance premium tax (IPT), this e-book provides a useful guide on the principles and foundations required for compliance.

May 5, 2020
Navigating IPT Regimes Across the French Overseas Territories

As we all know, insurance premium tax (IPT) differs country to country and if your company writes insurance cross border, tracking every jurisdiction’s IPT rate can be challenging. We’re often asked by insurers about IPT regimes in overseas France because they vary island to island. Not only does each territory maintain its own IPT regime, […]

EMEA IPT Tax Compliance
April 30, 2020
Portugal – New Stamp Duty Filing Requirements Delayed

The global tax landscape is rapidly changing as more tax jurisdictions require detailed electronic transactional reporting. This trend also applies to premium taxes, with Spain leading the way having introduced a new digitised reporting system and requesting Consorcio surcharges be declared on a transactional line-by-line basis. Greece shortly followed with detailed IPT reporting and most […]

EMEA IPT Tax Compliance
April 21, 2020
Spain’s Tax System – The Complexities of Compliance

Spain’s tax system is one of the most complex in Europe. For this reason, it presents a unique challenge for insurers when it comes to insurance premium tax (IPT) compliance. It has various taxes on insurance premiums with varying rates and several reports which must be declared. There are four provinces in Spain, each requiring […]

EMEA IPT Tax Compliance
April 16, 2020
What Cross-border Insurers Need to Know About French, Spanish and Portugese IPT

When operating across multiple regions, it’s challenging to stay abreast with every jurisdictions’ insurance premium tax (IPT) rates, particularities and exemptions. Country-specific filing and audit processes vary country to country too. If you operate in Portugal, France or Spain, or are looking to expand your business into these European territories, we’ve compiled a quick guide […]

April 7, 2020
IPT calculations: The importance of getting it right

We are in unprecedented times where hour-by-hour change has become the new norm. This is particularly true across our industry as governments evaluate and assess every direct and indirect tax at their disposal as part of broader economic stimulus measure. Tax authorities across the world – national, regional and overseas territories – have acted decisively […]