February 2015 TMF Group IPT update
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.

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

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

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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