Speaking at the Captive Live USA conference in Chicago, Stalley said: “US-domiciled captive insurers frequently cover risks located overseas. However, some US captives still fail to tackle insurance premium tax compliance as rigorously abroad as at home, which could prove a very costly error.

“Maintaining tax compliance in a global insurance programme can be challenging. Tax legislation varies from country to country, but many insurance service providers are reluctant to give captives tax advice. As a result, US captives have to adopt a global view for their own protection.

“The current economic climate means governments are increasingly seeking to generate additional tax revenues through IPT to help balance their books, and the ever-changing situation globally means captives based in the US require accurate and up-to-date information from around the world.

“The key to premium tax compliance is the ability to gather, analyse and process reliable premium tax information on an international basis. At FiscalReps, we have developed a unique global premium tax database, which relies on our ability to gather reliable premium tax information from multiple sources.”

Stalley says US captives need to adopt a similarly co-ordinated approach for their global compliance plans. If the basic information is accurate, he argues, the ability to identify the location of risks and apply the relevant tax legislation can be more effectively achieved.

Stalley says there are also very positive reasons for US captives to pay attention to IPT compliance. “With the rates of premium taxes exceeding 10% in many territories, global premium tax costs can easily become material to the overall cost of buying insurance,” he says. “Getting premium tax calculations right could save your business money.”

Mike Stalley, chief executive of FiscalReps, says: “The new law has been passed by the Greek Parliament and provides for the second penalty amnesty this year. Penalties will be waived on any outstanding Greek IPT due on premiums invoiced up to August 22 2011 if the relevant amounts are declared and paid in full by September 30 2011.

“There is also the option to pay the tax amounts in instalments. In that case, the tax return must still be filed by September 30 2011 but the payments will be spread over six equal monthly instalments, starting on September 30. If the option to pay in instalments is taken up, unpaid taxes that were due before December 31 2009 will be subject to a 10% penalty, and unpaid taxes due between January 1 2010 and August 22 2011 will be subject to a 3% penalty. If the instalment amount is less than €300, there is no option to pay in instalments.

“It is not clear if TEO (Road Tax) and Motor Guarantee contributions are part of the amnesty, but we have had confirmation that the TEEA PAE (Pension Fund) is not.

“IPT is a complex area, but with the September 30 deadline, time is of the essence here. FiscalReps will be delighted to help any companies in need of rapid assistance.”

Speaking at the United Nations’ Information Security Special Interest Group’s symposium in Geneva, Calder said: “ISO27001 is international best practice for any organisation seeking a structured framework to address cyber risks. ISO27001 has many strengths, including helping organisations secure the right balance of data availability, integrity and confidentiality. A further benefit of ISO27001 is the flexibility to integrate with other management standards. This point is vital – effective cybersecurity depends on establishing a comprehensive and interconnected defence strategy.

“Every organisation should remember, however, that ISO27001 certification does not equate with invincible security. ISO27001, effectively deployed, improves an organisation’s information security and resilience, but new threats are constantly evolving. Defences, therefore, need to evolve, too. There is no room for complacency. ISO27001 rightly expects you to continually reassess your business, risk and compliance environment in line with ‘real-world’ developments.

“There is never a time for complacency in information security. The need to keep strategies under constant review has never been greater. The revolutionary wonders of ‘Web 2.0’ can rapidly turn into ‘Threat 2.0’. The speed and degree of change in the modern business, compliance and security worlds is unprecedented, from new standards and threats to new technologies, such as Google+ and Android telephones. Any technological advance brings new security risks, as hackers immediately start finding ways to burrow in and exploit vulnerabilities. Everyone must be prepared.”

FiscalReps’ chief executive officer Mike Stalley is warning that, despite changes to IPT compliance requirements designed to simplify procedures, IPT remains a major challenge for insurers throughout the European Union (EU). Non-compliance will potentially lead to financial penalties and reputational damage.

Stalley will discuss the current position – and solutions to ensure compliance – at the free FiscalReps briefings, which are aimed at insurance professionals, and will be hosted in Denmark (September 21) and the Netherlands (September 22).

Stalley says: “The key trends are governments’ increasing focus on IPT as a source of revenue and the EU-inspired abolition of compulsory local fiscal representation.

“The rises in IPT rates in the UK and the Netherlands this year are likely to be followed by other governments. With the increasing focus on indirect taxation, tax on premiums is inevitably attractive to revenue authorities, especially in today’s difficult economic climate. Revenue authorities across Europe are becoming increasingly vigilant and, as a result, compliance failures are more likely to be spotted – and penalised.

“The need to appoint a local fiscal representative in each jurisdiction has often been regarded as an unnecessary burden to tax compliance and the European Commission now considers this requirement a breach of EU competition legislation. The UK, Belgium, France, Italy and the Netherlands have already dropped the requirement for IPT payment through local fiscal representatives and other countries are expected to follow.”

However, Stalley says the current position is deceptive, potentially giving the impression insurers can safely avoid local fiscal representation where no longer a legal requirement. “IPT is extremely complex and specialist assistance based on expert local knowledge is vital for achieving trouble-free compliance in every jurisdiction. Alternative arrangements, with risks of compliance failure, could prove costly and damaging to an insurer.”

In addition to a detailed update on all the latest EU IPT regulatory changes, Stalley will share with delegates at the briefings his expert views on what the future may hold for IPT compliance within the EU.

For further information, please visit: www.fiscalreps.com.

The three-day course, ‘Principles of IT Governance’, will deliver introductory training for IT professionals, providing delegates with a complete understanding of IT governance implementation.

Alan Calder, Chief Executive of ITG, says: ‘Senior managers and consultants who advise on IT governance are in boardroom demand across the globe. IT governance is now recognised as a key driver in ensuring a return on IT investment. In order to compete at the highest levels, companies need staff with experience and the relevant, accredited qualifications.

‘IT governance is at the heart of strategic IT management in all successful organisations. A close alliance between business objectives and IT resources, an optimised return on investment and compliance with IT standards are key factors in determining whether IT truly delivers the competitive advantage it should.

‘The course is designed for individuals whose role requires them to have a broad understanding of IT governance and a familiarity with the wide range of frameworks, standards and methodologies in use, from the COBIT IT governance/management framework and the corporate governance standard ISO38500 through to the IT Infrastructure Library (ITIL®) and the ISO27001 information security management standard. This course enables delegates to understand each of the existing frameworks and standards, to see them in their context, and to appreciate how to use each standard as part of an integrated approach to improving governance, risk management and compliance.’

The course will therefore look at these overlapping and competing frameworks and standards and propose organisational solutions, such as the Calder-Moir Framework, teaching delegates how best to use the framework in order to improve IT governance.

Calder himself, author of many governance publications including Corporate Governance and IT Governance: A Pocket Guide, will be leading the training. The courses will provide delegates with opportunities to interact with their trainers to help identify and apply current lessons to their own organisations.

The course also prepares delegates for the ‘Principles of IT Governance’ examination, which is taken on the final day of the course. Successful candidates will be awarded the ‘Certificate in IT Governance’, a foundation qualification accredited by the International Board for IT Governance Qualifications (IBITGQ), the new international board for harmonising and improving IT governance qualifications.

Calder continues: ‘IT qualifications certified by accredited and respected organisations are becoming an essential requirement for any IT governance professional. With an ever-increasing demand for such staff, employers are offering enhanced career opportunities to candidates who have certified qualifications and relevant experience.’

Each ‘Principles of IT Governance’ course will include 18 topical sessions to help organisations adjust to the ever-changing IT environment and will cover key issues such as internal control and culture, the definition of drivers for IT governance, risk and control in IT governance, and performance management. As such, typical delegates could include anyone from a board director or IT executive to an IT consultant or a compliance manager.

The three-day courses will be held in London, with the first course taking place from October 5-7 2011. The course dates for 2012 are January 18-20, April 4-6 and July 4-6, with each course costing £1,495 ($2,470.71/€1,717.74). An ‘early bird’ discount of £300 is also available on any bookings made by August 31 2011.

All booking information can be found at: www.itgovernance.co.uk/products/3461.