Multinational companies are demanding greater adherence to insurance and premium tax compliance regulations, as they face enhanced scrutiny from governmental bodies, according to Praveen Sharma, Marsh Insurance Regulatory and Tax Practice Leader.
The global regulatory environment has evolved dramatically in recent years. Contributing events include the landmark Kvaerner case in the European Union; bilateral and multilateral agreements among regulators and tax authorities; and the expansion of operations coupled with their insurance needs to cover risks such as excess liability, crime, and directors & officers (D&O) more broadly and consistently.
A number of tax authorities have been reviewing global insurance arrangements to identify unpaid premium-related taxes. Further, many tax regimes have either introduced new rules or increased their premium-related tax rates.
Please click here to access our bulletin of the most recent global insurance premium tax related news that could affect insurance premiums payable under a contract of insurance.
The bulletin provides updates on countries including: Australia, Bulgaria, Canada, Greece, Malaysia, Netherlands, South Africa, Spain, Zambia.
About the Marsh Insurance Regulatory & Tax Practice.
The Marsh Insurance Regulatory & Tax (IRT) Practice is dedicated to providing multinational companies with support and information to help them evaluate regulatory and premium tax risks arising from their insurance and alternative risk-financing in all parts of the world.