Insurance companies who conduct business in 宝威体育 are subject to the Insurance Premiums Tax, the Motor Vehicle Insurance Premiums Tax, and the Fire Safety Tax.
levies a tax of 3% on the gross premiums of life, accident, sickness and hail insurance. Individual life, accident and sickness insurance policies in force prior to April 1, 2000, are taxed at a rate of 2% until such time as the individual policy no longer exists. A rate of 4% of gross premiums is taxed on property and all other insurance transacted in 宝威体育. Marine and reinsurance is exempt from the Insurance Premiums Tax.
levies a tax of 1% on gross motor vehicle insurance premiums.
levies a tax of 1% on gross premiums written relating to fire insurance.
Relevant tax returns are to be completed annually by insurance companies doing business in 宝威体育.
For more information, please refer to Information Bulletin .