12 January 2015 Insurance

IUA launches insurance tax service

The International Underwriting Association (IUA) has launched a new insurance premium tax information service as governments in Europe continue to use such levies to boost public finances.

The IUA’s new online service will summarise insurance premium taxes applicable in each of the nations in the European Economic Area. It includes the basis of the tax, person liable, payment frequency and tax rate, together with any additional relevant information.

Its annual ‘Tax Mat’ publication shows further tax rises across the continent during 2014, following a number of increases in previous years.

A new online information service providing monthly updates is now being prepared by the association.

“Changes to insurance premium tax regimes are not uncommon and so the IUA is keen to provide more frequent updates for its member companies,” said Nick Lowe, the IUA’s director of government affairs.

“There have been several moves over the past 12 months to increase the revenue raised from such charges and these are not isolated instances. Across Europe the trend for ever more new additional levies on different classes of insurance cover has been continuing for a number of years.

“Once such charges have been established it is very unusual for them to be repealed. The end result is a rising cost of insurance for consumers.”

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