Why use Sovos IPT Filing Services?

Specialized expertise

Provides access to insurance tax specialists with deep knowledge of territory-specific regulations, exemptions, and parafiscal charges

Reduced compliance risk

Minimizes exposure to penalties, interest charges, and audits through accurate and timely filing across all applicable jurisdictions

Resource optimization

Eliminates the need to maintain in-house expertise in the complex and rapidly evolving field of insurance premium taxation

Fiscal representation

Supplies local fiscal representation in territories where this is required for non-resident insurers

Tax settlement service

Manages the entire payment process including currency conversion and remittance to tax authorities

Regulatory monitoring

Continuous tracking of regulatory changes across all jurisdictions ensures compliance with the latest requirements

How Sovos IPT Filing Services works

The Sovos IPT Filing Services process delivers comprehensive insurance premium tax compliance management through a structured workflow. Clients can follow the process through detailed reporting and documentation. Our managed approach ensures that IPT returns are handled correctly and efficiently in every required jurisdiction without requiring that your organization maintain specialized IPT knowledge or dedicate resources to this complex area.

Assessment and setup

Our implementation team works with your organization to understand your insurance products, business footprint, and specific tax obligations across jurisdictions. We configure systems to align with your data sources and establish secure data transfer protocols.

Data collection and validation

Premium data is gathered from your systems through automated connections or standardized file imports. Our team validates this data against our comprehensive IPT rule database, ensuring quality and completeness for each jurisdiction.

Tax calculation and verification

Our specialists determine the correct tax treatment for each policy according to location of risk rules, business class categorization, and applicable exemptions. All calculations undergo multiple verification steps to ensure accuracy.

Return preparation

We prepare returns according to the specific requirements of each tax authority, including handling of supplementary information and supporting documentation needed for various jurisdictions.

Filing and payment

Returns are submitted to tax authorities according to their specific deadlines and formats. For clients using our payment services, we manage the remittance of tax liabilities through our segregated client account system, ensuring funds reach tax authorities on time and in the correct currency.

Key features

Comprehensive country coverage

Support for IPT filing obligations in more than 80 countries worldwide

Multi-lingual tax specialists

Access to insurance tax experts who understand local language requirements and maintain relationships with tax authorities

Parafiscal charge management

Handling of fire brigade charges, insurance guarantee fund contributions, and other specialized insurance levies

Client money service

Optional service for holding funds in segregated accounts for tax payments with detailed reconciliation reporting

Tax calendar management

Proactive monitoring of filing and payment deadlines across all jurisdictions

Audit support

Assistance with audit responses and access to complete filing history in case of tax authority inquiries

Integration with IPT Determination

Seamless connection with Sovos IPT Determination for end-to-end IPT compliance from calculation to filing

Detailed compliance reporting

Comprehensive reporting on filing status, payments, and ongoing obligations