Global

Details

  • Service: Tax, Global Indirect Tax
  • Type: Regulatory update
  • Date: 4/25/2014

Switzerland - Stamp duty on insurance premiums 

April 25: The Swiss federal tax authorities recently increased their focus on the stamp duty relating to insurance premiums.

This stamp tax is levied on insurance premiums that are part of a Swiss portfolio of an insurer subject to Swiss insurance supervision, or of a Swiss insurer enjoying public-law status. Also, the stamp tax applies if a Swiss entity (as policyholder) takes out a policy from a non-Swiss insurer (i.e., one not subject to the Swiss insurance supervision).


The potential tax risk could be significant because the stamp tax is calculated based on the net cash premium at a rate of 5% (2.5% for life insurance) with late payment interest set at 5% per annum.


Read an April 2014 blog post by the KPMG member firm in Switzerland: Stamp duty on insurance premiums




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