The new year has seen a number of tax changes affecting the insurance sector in EU countries, according to insurance premium tax specialists Impendulo.
From 1 January 2019, there are a couple of changes to insurance taxes in France.
Firstly, insurance guaranteeing the payment of life insurance premiums in case of death (payment protection insurance) is now no longer exempt from insurance premium tax. From 1 January 2019, such policies will be taxed at the standard rate of 9.0%. Secondly, from 1 January 2019, the Le Fonds de Garantie des Assurances Obligatoires de Dommages rate applicable to motor liability policies has increased from 12.0% to 14.0%.
In Italy meanwhile, the budget published for 2019 onwards includes changes to the prepayment due from insurance companies, said Impendulo. Article 1066 of the budget unofficially translates to: “The measure of the insurance tax advance is raised to 85% for 2019, 90% for 2020 and 100% from 2021,” said the firm.
Finally, Impendulo confirmed that from 1 January 2019, premium tax on private marine insurance in Denmark will decrease from 1.4% to 1.0%.
Full article on Commercial Risk (subscription required)
© Commercial Risk Europe
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article