Tax Alert – Ireland – New 2.00% tax on Motor (MIICF)
We can confirm that the Insurance (Amendment) Act 2018 in Ireland has been signed into law and will come into force from the 1st December 2018.
The major changes are as follows:
• From 1st December 2018 an additional 2.00% levy will apply on all motor insurance policies (including commercial, fleet etc)
• This is to be charged to a new compensation fund: Motor Insurers Insolvency Compensation Fund (MIICF)
• Annual return due by 30th June each year for the previous year
• The rate can be moved according to the level of the fund but never more than 3.00%
It is unclear whether captives will be excluded from this charge as per the Government Fund.
View the full amendment document here.
As always, if you have any questions please get in touch with a member of the team at firstname.lastname@example.org. Impendulo are in a position to act on/provide assistance for all of these changes.