IPT Update – September 2014

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Bahamas

VAT implementation is delayed until 1st January 2015

Denmark
Flood Damage Levy has been increased from 1st July 2014 for all property and fire policies

Italy
Motor IPT rate is increased in the province Viterbo from  1st October 2014

Jamaica
Withholding tax is introduced on all types of insurance

Uganda
Government implements plan to remove VAT exemption from all insurance policies except for health and life from 1st July 2014

Uruguay
VAT reductions have been implemented from 1st August 2014 for most non-life insurance policies for policyholders that are not VAT registered and make a one-off payment using electronic means to settle the premium

USA – Delaware
Tax rates for surplus lines and self procurement policies are increased from 31st July 2014

USA – Florida
Florida Hurricane Catastrophe Fund is abolished from 1st January 2015.

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