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Tax Alert – Slovakia – Draft Act to Amend Insurance Premium Tax

The Slovakian Ministry of Finance has published a draft bill intended to amend various details of their Insurance Premium Tax (it is a proposed document and at this time not passed through their statutory process).

The proposed changes are as follows:

• Returns / Payments will move from a biannual basis to a quarterly basis.

• Most ‘Non-life’ business classes will remain at the current 8.00% rate with the following exceptions:

– Class 8 (Fire and natural perils) and part of Class 14 (Export and Agricultural credit only) will see their applicable tax rate changed to 6.00%

– Class 1 (Accident) and Class 2 (Sickness) will see their applicable tax rate changed to 4.00%

– Privately owned registered Aircraft and Vessels not used to provide passenger or cargo transport services for remuneration will see their tax rate changed to 18.00%

– Motor Third Party Liability will be made exempt

These changes are proposed to take effect from the 1st October 2018 and will only apply if the premium is received after the 30th September 2018 and the risk incepts after 30th September 2018. It is to be processed on a pay-as-paid basis.

More information is available on the SLOV-LEX website, click here to read.

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