The team that specialises in Insurance belongs to the FS Group. It is composed of professionals with long experience and a high level of expertise in giving tax advice to the various operators in the insurance and welfare sectors (insurance companies, pension funds and insurance brokers).

The professionals in the team combine expertise in their field with full knowledge of the developments in this sector both in Italy and in other countries and can provide routine and extraordinary multidisciplinary services, dealing with the relationships between tax issues and typical regulatory and accounting aspects.

The Insurance Team’s work includes analysing the tax implications of the decision regarding the business operating model to adopt in the Italian and foreign insurance market (i.e. working on the basis of permanent establishment or freedom to provide services), the type of insurance or welfare products to offer and the distribution model to choose.

The professionals of the Insurance team assist in interpreting tax law as it affects issues in Italy and in other countries and advise and hand down opinions on tax law problems as they relate to the regulations in the sector. They also advise on extraordinary transactions (such as mergers, contributions or sales of insurance portfolios, etc.), conduct tax due diligences and assist in disputes before tax boards.

Day-to-day services include assistance in complying with periodic tax obligations (payment of tax, preparing tax returns and notices and sending them online to the tax authorities, etc.) with respect to direct taxes (corporate income tax (IRES) and local tax on production activities (IRAP)) and indirect taxes (VAT, insurance tax, stamp duty, registration tax, substitute tax on pension fund gains, etc.). All these services are performed both as regards corporation tax paid by the firms in the sector and their tax obligations in their capacities as withholding agents and as regards the tax treatment of insurance and social security products.

Some of the major Italian and foreign insurance companies, and the main operators in the Italian market (companies, brokers and pension funds) are clients of the specialist Insurance team.

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Alessandro Catona

Tax Partner, PwC TLS

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