ARTICLE · 08 AUGUST 2016

IPT Round-Up: January – July 2016

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As a replacement, a 3% levy on insurance premiums came into effect on 1 January 2016.

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To date, 2016 has brought many changes to taxes on insurance premiums around the world, especially in the Asia Pacific region and some EU member states. All of these changes have been reflected within our global insurance tax calculator, IPT Quote.

Africa

Burundi

New tax introduced – The 2016 Burundi Budget announced that insurance companies are subject to a payment of 2% on net premiums with effect from 1 January 2016. Reinsurance, educational insurance and pension funds are exempt.

Tanzania

VAT exemption – The Tanzanian 2016 Finance Bill announced that aircraft, health and life insurance are exempt from VAT with effect from 1 July 2016.

Zambia

IPT replacement of VAT – The Zambian 2016 budget abolished the 16% VAT rate on all non-life insurance premiums. As a replacement, a 3% levy on insurance premiums came into effect on 1 January 2016.

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