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.”