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Facilitate the management of VAT exemption and deduction on your insurance activities with the help of our experts.
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Exemption from VAT on insurance, reinsurance and services provided by insurance brokers and intermediaries is a particular legal and fiscal area, requiring a rigorous analysis of the legal and regulatory regimes in force.
Our law firm, specialized in the fields of application of Value Added Tax (VAT), facilitates the management of this exemption through an in-depth analysis of your insurance contracts, compliance with tax complexities, the management of possible disputes by avoiding upstream errors, and access to strategic advice to maximize your tax advantages in terms of VAT and payroll tax.
In 2022, the tax authorities published in BOFIP an update of the concept of insurance transaction but also of the very definition of insurance and reinsurance service providers, in particular for brokers and case or claim managers. These clarifications were intended to bring French legislation on VAT exemptions for insurance transactions into line with European case law.
From now on, VAT exemption is linked to the nature of the service, to the content of the transactions carried out and not to the regulatory qualification of insurance professionals. For businesses, this is a breakthrough: the concept of “services relating to insurance and reinsurance transactions” is quite broad. Under certain conditions, the exemption can therefore also cover ancillary services, such as the management of policies and their cancellation, the assessment of damages, the drafting of contracts, the affiliation of new beneficiaries, the issuance of contracts, etc.
However, for others, it can be a cold shower: some back-office activities (management for example) carried out by insurance and reinsurance service providers have become taxable for VAT. This is also the case for the re-invoicing of the share of insurance premiums for a company to its subsidiaries, etc.: a good number of transactions in this field are taxable.
If, by nature, insurance for a business is exempt from VAT, the reality may seem more complex. In addition, it should be noted that the exemption may involve fiscal costs: non-deduction of VAT, payroll tax,... These are elements to be anticipated.
Our law firm wanted to specialize in the arcana of VAT, and in particular possible exemptions in terms of insurance, in order to offer effective assistance.
Unlike general tax law firms, our expertise is targeted to provide excellent service and immediate efficiency.
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With a thorough knowledge of constantly changing tax regulations, our specialized lawyers offer you much more than just monitoring. We support you in the proactive implementation of tax strategies to secure your deduction rights and ensure the total compliance of your practices. We help you navigate the complexities of VAT to maximize your tax deductions and optimize the management of your insurance contracts with your counterparties.
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The non-deduction of VAT and payroll tax can represent significant fiscal costs. We anticipate these impacts and develop tailor-made analyses to minimize your tax obligations. By thoroughly analyzing your contracts, activities, costs and employees, we ensure that you benefit from the most advantageous regimes applicable, thus reducing your overall tax burdens.
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Our services go beyond tax compliance. We offer you comprehensive strategic support to make informed decisions and optimize your internal processes. We help you better understand the implications of your tax regimes, to renegotiate the price of the services and contracts purchased if necessary, and to identify opportunities to limit your tax costs. With our support, you can make informed decisions and optimize your internal processes for smoother and more efficient management.
Ensure compliance and optimize your tax management with our experts
Analysis of the VAT regime and security
In-depth analysis of applicable VAT regimes
Securing deduction rights and regulatory compliance
Deductible VAT management and optimization
Identifying VAT recovery opportunities
Optimizing processes to maximize tax deductions
Creation of a VAT Group
Payroll tax assistanceS
Anticipation of payroll tax costs
Development of tailor-made solutions to minimize tax obligations
Let's organize a meeting to talk about it!
Exemption from VAT on insurance, reinsurance and services provided by insurance brokers and intermediaries is a particular legal and fiscal area, requiring a rigorous analysis of the legal and regulatory regimes in force. Our law firm, specialized in the fields of applications of Value Added Tax, will facilitate the management of this exemption through an in-depth analysis of your insurance contracts, compliance with regulatory complexities, the management of possible disputes by avoiding errors in advance, and access to strategic advice to maximize your tax benefits.
In 2022, the tax authorities published in BOFIP an update of the concept of insurance transaction but also of the very definition of insurance and reinsurance service providers, in particular for brokers and case or claim managers. These clarifications were intended to bring French legislation on VAT exemptions for insurance transactions into line with European case law.
From now on, VAT exemption is linked to the nature of the service, to the content of the transactions carried out and not to the regulatory qualification of insurance professionals.
For businesses, this is a breakthrough: the concept of “services relating to insurance and reinsurance transactions” is quite broad. Under certain conditions, the exemption can therefore also cover ancillary services, such as the management of policies and their cancellation, the assessment of damages, the drafting of contracts, the affiliation of new beneficiaries, the issuance of contracts, etc.
However, when invoices, receipts or slips are received, a VAT line may appear concerning either back-office transactions or services that do not have a direct link with insurance per se. Assignments of insurance and reinsurance contracts, re-invoicing of a share of insurance premiums for a company to its subsidiaries, etc.: a good number of transactions in this field are taxable.
If, by nature, insurance for a business is exempt from VAT, the reality may seem more complex.
In addition, it should be noted that the exemption may involve fiscal costs: non-deduction of VAT, payroll tax,... These are elements to be anticipated.
The expertise of our lawyers on VAT exemption on insurance
Managing the VAT exemption on insurance contracts and related services is delicate and can involve human and technical resources within your company, but also time, which will represent a certain investment.
Our law firm wanted to specialize in the arcana of VAT, and in particular possible exemptions on insurance, to offer effective assistance and make the management of Value Added Tax not a brake but on the contrary a growth factor.
Unlike general tax law firms, our expertise is targeted to provide excellent service and immediate efficiency.
By calling on our experts, you will be assured of obtaining:
Focused on VAT management, our lawyers have in-depth knowledge of complex and constantly evolving tax regulations. Their hyper-specialized expertise allows them to effectively navigate the subtleties of tax legislation and administrative guidelines specific to VAT on insurance.
A rigorous analysis of insurance contracts
Before taking any action, our experts will of course look at your insurance contract (s) during an in-depth analysis to determine the correct application of VAT rules. They can identify potential exemptions, special regimes, and VAT recovery opportunities to optimize your business tax situation.
Of course, it is crucial to ensure that your business is in compliance with current legislation. Accurately meeting tax requirements specific to VAT on insurance minimizes the risk of litigation.
If your company is already experiencing a problem at this level, use our services quickly to find effective and fast solutions.
Above all, we want to offer active support to business leaders. We don't just provide concrete answers to the VAT exemption on insurance; we'll help you:
• better understand the ins and outs of your insurance business, including by providing in-depth training on the subject,
• possibly seize the opportunity to change service providers or brokers if necessary or to renegotiate services and contracts already taken out,
• identify tax planning opportunities and make informed decisions to maximize your tax benefits,
• create specific and tailor-made tools to automate the management of exemptions and possible tax taxes depending on the type of insurance.
With the experts at CYPLOM, VAT is becoming a real driver of growth, let us convince you of it during a free conference call.
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