Regulatory update

February 2015 TMF Group IPT update

01 February 2015

Welcome to TMF Group’s regular insurance premium tax update from its offices around the world. Just a few changes to report this time.

Countries:

Albania
Insurance and reinsurance policies have been exempted from VAT as of January 2015. Instead, a 3% insurance premium tax is now in effect.

Canada
Provincial sales tax for motor insurance has increased to 9% in Quebec with effect from January 2015.

Ecuador
Legislation on reinsurance taxes in Ecuador has been amended with effect from January 2015. The amendment indicates a general 22% withholding tax applicable to reinsurance premiums. A lower rate can apply if the premium amount meets certain criteria set by the insurance regulatory authority.

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