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Tax Alert

02 March 2012

Introduction of a new Premium Tax for Denmark On 12 June 2012 the Danish Parliament approved the introduction of a premium tax on non-life insurance premiums which will replace the existing stamp duty. It is not clear yet what the proposed tax will be called. The new tax will be introduced on 1 January 2013 at the rate of 1.1% of non-life insurance premiums. Exemptions apply to specified insurance classes such as maritime, transport and aviation policies. The tax does not apply to the Faeroe Islands and Greenland. From the same date the Stamp Duty Act will be repealed. All insurers liable to pay the tax must register for the tax and account for the tax at monthly intervals. The Minister of Taxation may provide more detailed rules in this regard, including rules for digital tax returns. Certain insurers, such as insurers established outside the EU, will be required to appoint a Danish tax representative; however it will no longer be a legal requirement for an EU insurer to appoint a fiscal representative in Denmark. How we can help If you have any questions regarding these changes, or on any other indirect tax issue you may have, please do not hesitate to contact us on +44 (0)20 7663 5672. Why Fiscal Reps? 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.

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