Dimitrov Ivanov & Partners - Attorneys at law

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November 2, 2010

The new Insurance Premium Tax Act promulgated

The new Insurance Premium Tax Act (IPTA) was promulgated today in the Bulgarian State Gazette.

The IPTA introduces a new indirect tax. The tax is levied on the insurance premiums on general insurance policies (with certain exceptions). Life insurance policies are excluded from the scope of the IPTA.

The tax rate is 2% on the insurance premium and it is payable by the insurer. The insurer must pay the taxes due on a monthly basis, while also filing quarterly tax returns.

The IPTA enters into force on 1 January 2011.




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