FiscalReps, the insurance premium tax specialist, is to launch a diploma in Insurance Premium Tax (IPT), as it celebrates 10 years of assisting businesses with their insurance premium tax compliance.
The IPT Diploma is the first of its kind and prepares participants to be the single authority on IPT, by covering a range of subjects from theory and practice to technical calculations and case studies.
The course consists of 23 modules, covering premium taxes, compliance, allocation, accounting and auditing, as some of the subjects. Over the twelve months, participants will attend classes with webinars and conference calls with qualified trainers and industry experts. The course is aimed at insurance industry professionals and those with IPT experience.
The requirement to appoint a local fiscal representative together with the need to make numerous premium tax filings in multiple countries in 2002, was the driver to the formation of FiscalReps in 2003.
The timing was crucial in FiscalReps’ formation. Two years on from the Kvaerner case, the insurance market was looking for a solution to the problem of premium tax compliance just as FiscalReps was formed.
Ten years on, FiscalReps provides this service to over 280 clients, submitting on average over 2,000 tax returns per month and paying over €150m annually of premium taxes on behalf of clients. This service is controlled, managed and delivered centrally from offices in Farnborough using a network of wholly owned subsidiaries acting as local fiscal representatives where required.
FiscalReps Chief Executive Mike Stalley, commented: “When we started, filing taxes in over 20 countries, in 12 different currencies and using 15 different languages was no easy feat but was achieved one step at a time in an orderly, professional and controlled manner. After 10 years, our continued business growth, longstanding client relationships, and rapport with tax officials throughout Europe, makes me think that we must be doing something right. This was recognised in 2012 and 2013 when FiscalReps were awarded with Acquisition International: 2013 International Outsourced Tax Compliance Solution of the Year.
“But rather than stopping here, now is the perfect time to really push on; to help more clients with their compliance problems, to make premium taxes simpler and easier for existing clients and to identify other compliance problems that we can assist the insurance market with.