The EU's Insurance Premium Tax (IPT) harms operating efficiency and has put off some insurers...
The EU's insurance premium tax (IPT) harms operating efficiency and has put off some insurers from pursuing profitable business, the ABI and the International Underwriting Association (IUA) have warned.
The absence of a uniform tax regime across the EU meant insurers were failing to find an efficient way to meet their IPT liabilities, the associations warned.
Delegates at a joint seminar hosted by the IUA and ABI on overseas premium taxes said they expected the cost burden to increase as more EU members introduce IPT regimes and the overall EU membership expands.
