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Insurance Premium Tax Alert – Spain – Reduction to the Extraordinary Risk Contributions Relating to Motor Insurance

From the publication of Resolucións BOE-A-2016-5432BOE-A-2016-5431 we can confirm that the contributions required for the Special Fund for the Insurance of Extraordinary Risks relating to Motor Insurance policies are set to be reduced on contracts issued or renewed from the 1st July 2016.

The Modelo 10 Physical Damage contributions are to be reduced as follows:

  • Passenger cars and commercial vehicles up to 3,500 kg: € 3.50 to € 2.10.
  • Trucks: € 17.60 to € 9.00
  • Commercial vehicles: € 14.60 to € 10.50
  • Tractors and agricultural and forestry machinery: € 10.00 to € 5.50
  • Coaches, buses and trolleybuses: unchanged at € 26.60.
  • Trailers and semitrailers: € 8.50 to € 5.20
  • Mopeds, tricycles, rickshaws and motor bicycles: € 0.60 to € 0.30
  • Motorcycles: € 2.30 to € 1.20

The Modelo 20 National Guarantee Fund contribtuion is to reduce from 2.00% to 1.50%.

For any further information related to Insurance Premium Tax please do not hesitate to contact us: info@impendulo.com.

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