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Tax Alert – Spain – Further Details on IPT Increase

Following congress approving the IPT rate change in Spain from 6.00% to 8.00%, we can now confirm that this will be effective from the 1st of January 2021.

This means that for premiums paid from the 1st of January 2021, IPT will be charged at 8.00% even if the policy incepted prior to 2021 as the tax trigger in Spain is the point at which cash is received rather than inception date.

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