MeridianIPTcompliance
The Insurance Premium Tax (IPT) is an international indirect tax. It is collect on risk contracts issued by insurance companies. IPT covers many insurance classes.
The general rule for IPT are similar but the difficult arise because each State a free to set its own rule, the result is uncertainty to who is liable to account for IPT.
Our solution with a single shop point for all the Country that ensure you stay focused on your core business.
Insurance Premium Tax in Italy
The Italian tax law for Insurance Premium Tax is contained within the Italian Financial Laws. The basis for the IPT calculation is the premium, without deductions, and all other amounts paid to the insurer.
Who have the IPT Liability in Italy?
The insurer is liable for the tax calculation and payment. EEA insurers operating on the Freedom of Services basis are required to VAT Register in Italy and must keep detailed records of all insurance policies written in Italy.
Which are the IPT Rates in ITALY?
TThe Principal Italian IPT rates include:
| Classes | Rates |
Fire & Property |
21.25% |
Liability |
21.25 |
Motor |
12.50% |
Personal Accident and Healthcare |
2.50% |
Travel assistance |
10% |
Other clauses |
21.25% |
Freedom of Services insurers providing Life cover in Italy must nevertheless must be VAT Registered in Italy and must file the equivalent of ‘nil’ returns with the Italian tax authorities. There are many of variations to the rates above. And in addition to Italian IPT, there are also a number of additional insurance levies and charges. Please contact us to learn more.
The Italian IPT is payable in the month following the payment of the premium. There are exceptions where Italian IPT is payable in advance too, based on the previous year’s Insurance Premium Tax liability.
For more details, and assistance with Italian IPT, please contact MeridianIPTcompliance services which offer offices across Europe, including offices in Milan and Napoli.
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