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Tax Alert – Italy – Contribution Rates to Both Hunting Victims Fund & Road Accident Victims Fund Announced for 2022

On the 29th of December 2021, the Italian Institute for the Supervision of Insurance announced the rates of contributions that are to be paid by insurance companies for the Hunting Victims Fund and the Road Accident Victims Fund, for the year 2022.

As per Provvedimento n. 115 del 3 dicembre 2021, the management costs on direct insurance premiums for the year 2022 are set at 4.29%. As per Decreto 28 dicembre 2021, the contribution rate to the Hunting Victims Fund is 10.00% and Road Accident Victims Fund 2.50%.

Because the contribution to both funds is a net of the deduction of the management costs, the effective rate applicable to Hunting Victims Fund has decreased to 9.57% and the effective rate applicable to the Road Accident Victims Fund has decreased to 2.39%.

This change has been updated on the IPT Lookup and Tax Calculator.

As always, if you have any questions or comments please do not hesitate to get in touch with a member of the team at insurance@avalara.com

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