TMF VAT & IPT Services Tackles Global Premium Tax Threat

LONDON, June 3, 2010 - As governments struggle to rebalance their ballooning deficits, tax
authorities have been turning their attention to missed revenues from
insurance premiums on global programmes. Insurers, brokers and the insured
have been getting caught in the crossfire resulting from uncertainties on tax
liabilities and responsibilities. The results have been expensive fines and
damaged brands.

TMF has now launched a new online service, IPT Quote, which provides the
world's first online global premium tax calculation tool. Designed with
brokers and carriers, it aims to provide clarity on the entire range of
premium taxes.

Tax authorities target insurance premiums

Since the landmark 2001 ECJ Kaverner Case, where foreign tax liabilities
were clarified on global programmes, tax authorities have been increasingly
auditing levies due to them from insurers writing business abroad. Many tax
offices, including Germany, Belgium, South Korea and Canada, have been
singling out multinational insurers globally.

The risks for insurers and their clients are substantial in terms of
potential penalties and reputational loss.

TMF IPT Quote provides transparency

To help overcome these risks, TMF has launched IPT Quote, the world's
first online premium tax calculation tool. It provides brokers, insurers and
risk managers simple and clear tax estimates on their insurance programmes in
over 160 countries. Including separate regimes for each US, Australian and
Canadian state. Insurance taxes covered include: IPT, VAT, GST, Parafiscal
Charges, Stamp Duty and Withholding Taxes. This includes differentiating
between admitted and not-admitted insurance, as well as clear guidance for
all parties on who is responsible for paying and settling the taxes in each
jurisdiction.

Richard Asquith, Managing Director of TMF VAT & IPT Services:

"International tax compliance has been a huge headache for years.
Uncertainly has led to confusion, fines and damage to the brands of many in
the insurance industry. IPT Quote tackles this head on. We have been
delighted with the market reaction so far, with many insurers signing-up
within days of our launch.

About TMF VAT & IPT Services

TMF VAT & IPT Services provides international indirect tax compliance
services. It is part of the TMF Group, which provides global accounting and
corporate secretarial services from 87 offices in 67 countries.
www.tmf-vat.com/insurance-premium-tax.html

    Contacts

    Richard Asquith
    Managing Director
    TMF VAT & IPT Services
    9 Pellipar House
    Cloak Lane
    London EC4 2RU, UK
    www.tmf-vat.com
    T: +44(0)870-067-8881
    richard.asquith@tmf-group.com

Contacts: Richard Asquith, Managing Director, TMF VAT & IPT Services, 9 Pellipar House, Cloak Lane, London EC4 2RU, UK, T: +44(0)870-067-8881, richard.asquith at tmf-group.com