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case study

consulting

Don’t let European tax rules drive you mad! A European insurer writes cross-border motor insurance into France.

The insurer was concerned that the current fiscal representative did not appear to be reporting the correct French IPT and parafiscal tax rates, which had led to under declarations, penalties and interest payments in the past. The insurer’s tax team required the assurance and confidence going forward that it was reporting the correct French premium taxes as any future under declarations may have created a difficult on-going relationship with the French tax authorities. The insurer engaged with FiscalReps who carried out a ‘parallel run’ on the insurer’s French premium tax data. Discrepancies were identified and resolved by reference to the current legislation, French IPT cases, tax authority guidance and extensive discussions and meetings with specialist tax advisors in Paris.

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With regard to this complex area, FiscalReps has arranged a meeting with the French tax authorities to discuss the tax regime in an attempt to simplify the on-going tax compliance obligations of the insurer and those writing similar business. FiscalReps findings provided the insurer with the rationale to challenge its existing procedures and support a secure methodology going forward. This shall provide the insurer with the confidence to overcome any concerns in relation to its French motor business. Subsequently the insurer appointed FiscalReps to outsource its French insurance premium tax compliance obligations to FiscalReps team of tax experts, ensuring that the insurer remains in full compliance moving forwards.


Why FiscalReps? Since formation in 2003, FiscalReps has been the market leader in the field of international IPT compliance, providing robust compliance solutions for over 200 clients, including many of the world’s largest insurers and captive owners. With qualified professionals in the areas of finance and insurance, and with extensive experience gained both in the London market and internationally, FiscalReps is able to harness technical skills and market experience to deliver a robust but common-sense IPT compliance solution.

FiscalReps offer a suite of products encompassing Outsourcing, Technology, Consulting and Training solutions to assist clients in achieving and maintaining global compliance. Mike Stalley FCA, Chief Executive, founded FiscalReps in 2003 after experiencing at first hand the difficulties involved in achieving international premium tax compliance. To find out how FiscalReps can give you certainty surrounding your organisation’s IPT compliance obligations, please contact us. We can also speak to you in French, German and Spanish.

10 FENCHURCH AVENUE LONDON EC3M 5BN UK T +44 (0)20 7663 5672 E RUTH.FLINN@FISCALREPS.COM WWW.FISCALREPS.COM T@FISCALREPS


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