Welcome to TMF Group’s regular insurance premium tax update from its offices around the world.
Alberta’s Fiscal Plan 2015-20 specifies an insurance premium tax increase of 1% as of 1 April 2016. The new tax rates will be 3% on premiums for life, accident and sickness, and 4% for other types of insurance.
Changes to Insurance Premium Tax on health policies have been applied to the General Tax Code (CGI) under Section 1001. As of 1 Jan 2016 IPT will no longer apply to any health policies; the current rates of 7% on mandatory non-conditional policies and 14% on conditional-with-examination (disclosure) policies will be removed.
Motor IPT in Cagliari has increased from 12.5% to 16% as of 19 March 2015.
Read more about IPT