Kevin Curran Assurance Senior Executive at Ernst & Young LLP explains how the Federal Excise Tax works in the States and how it affects the London Insurance market
The United States imposes an excise tax (FET) on premiums paid to a foreign insurer or reinsurer for policies of insurance and reinsurance of risks wholly or partly within the US that are issued by to or for a domestic corporation partnership or US-resident individual. It is also imposed on policies of insurance and reinsurance of risks within the US that are issued by to or for any foreign person engaged in business in the US. The Internal Revenue Code1 specifies a tax of four cents on every premium dollar paid for general (that is property and casualty) insurance...
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Kevin Curran Assurance Senior Executive at Ernst & Young LLP explains how the Federal Excise Tax works in the States and how it affects the London Insurance market
The United States imposes an excise tax (FET) on premiums paid to a foreign insurer or reinsurer for policies of insurance and reinsurance of risks wholly or partly within the US that are issued by to or for a domestic corporation partnership or US-resident individual. It is also imposed on policies of insurance and reinsurance of risks within the US that are issued by to or for any foreign person engaged in business in the US. The Internal Revenue Code1 specifies a tax of four cents on every premium dollar paid for general (that is property and casualty) insurance...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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