FiscalReps Warns of New Retrospective IPT Penalties in Spain

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FiscalReps, the market leader in insurance premium tax (IPT) and VAT services for the global insurance industry, today held a London masterclass to brief insurance professionals on the swathe of tax changes currently sweeping Spain.

FiscalReps (http://www.fiscalreps.com/), the market leader in insurance premium tax (IPT) and VAT services for the global insurance industry, today held a London masterclass to brief insurance professionals on the swathe of tax changes currently sweeping Spain.

At the event, attended by more than 50 insurance professionals, FiscalReps shared the insights gained from recently becoming the first European IPT Outsourcing Service Provider to meet with the tax authorities in Navarra, one of the four Spanish provinces affected by the IPT changes. The new requirements also apply to the provinces of Álava, Guipúzcoa and Vizcaya.

FiscalReps’ founder and chief executive Mike Stalley FCA gave a detailed overview of the new requirements and an analysis of how these developments are impacting individual organisations. He also gave advice on how organisations can retrospectively avoid penalty and interest charges in the affected provinces, helping delegates manage IPT compliance more effectively within their organisations.

Stalley says: “IPT legislation has been undergoing unprecedented levels of change in Spain, but there are steps insurance businesses can take to minimise retrospective penalties and maintain compliance. There is a lot of interest in this subject from London-based insurers, as today’s lively Q&A session demonstrated.”

Delegates also heard from FiscalReps’ client manager Nazaret Gonzalez, who spoke about the company’s bespoke arrangements in Navarra and strategy for representing clients in the other provinces, and client manager Joseph Finbow, who gave a technical update.

Recently named ‘Tax Advisory Firm of the Year’ at the UK Captive Services Awards 2013, FiscalReps is the leading European supplier of premium tax compliance services.

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NOTES TO EDITORS

About FiscalReps

FiscalReps is an independent consultancy that helps insurance businesses to comply with VAT, insurance premium tax (IPT) and parafiscal taxes internationally. The company is the European market leader, with a client list that includes many top insurers, brokers and corporate captive owners. Further information is available at: http://www.fiscalreps.com.

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Marc Cornelius
FiscalReps
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