On 21 November, FiscalReps held its Annual Indirect Tax Academy at Trinity House, London. The Academy was hosted by a variety of tax experts from FiscalReps.
Mike Stalley FCA opened the Academy with a presentation focusing on the day’s topic ‘Consolidating Compliance’, with a focus on how insurance organisations can consolidate their indirect tax compliance, both across tax disciplines and geographical regions, to create an effective and efficient solution which can respond to their ever changing business needs. He continued with a general overview of FiscalReps’ 2014 highlights and the plans for 2015. Peter Hewitt FTII continued the theme on consolidation with his presentation ‘VAT & IPT: Joined UP Thinking’. In this session, Peter discussed how insurance organisations are required to manage both premium tax and VAT compliance on an international basis and considered how the management of both these taxes can be jointly simplified and streamlined. Peter also touched on the Skandia America Corporation Case (C-7/13), a popular current industry topic.
Attendees then joined their two selections from the first round of breakout sessions ‘Taxing Insurance Products’. These five sessions focused on specific insurance products and how they are taxed within the EU-EEA zone. The objective was to provide delegates with key information concerning tax treatment and legal issues which must be considered when selling standard and bespoke products to policyholders. The sessions available to attendees were 1. Property, 2. Marine/Aviation, 3. Motor, 4. Travel and 5. Sickness and Health products.
After a short morning break, attendees then joined their next two selections from the second round of breakout sessions, ‘Technical Tax Masterclasses’. This round of five sessions were directed at specific technical areas of indirect tax compliance with the objective of providing delegates with tips and tools to improve internal compliance and deal with common tax problems effectively. The choices of sessions were 1. Location of Risk Rules, 2. Historical Tax Settlements, 3. Premium Allocations, 4. VAT on Claims Costs and 5. Tax Office Audits.
After enjoying a relaxed networking lunch, delegates attended the last round of breakout sessions, ‘Tax Considerations in the Global Environment’. These sessions focused on indirect tax compliance being a global issue, with the lack of harmonisation making for a very complex set of rules to understand, interpret and implement within global insurance organisations. These five sessions were directed at specific global business issues from a tax perspective and considered problems and potential solutions that exist covering 1. Tax Technology, 2. Life Insurance, 3. VAT, 4. Solvency II and 5. Covering Non-EU Risks.
The day concluded with a final presentation from Karen Jenner on ‘Maintaining a Global Database’. The final presentation discussed the basic requirements of a global indirect tax database with a particular focus on how the data would be used in client scenarios.
Mike Stalley drew another successful Indirect Tax Academy to a close, with his ‘Closing Remarks’ and he announced the winner of the GoPro camera - Congratulations to Jean-Pierre Wan-Yung-Tseung!