A UK-based insurance premium tax (IPT) consultancy has located its R&D office in Dublin to take advantage of the high availability of software development expertise in the city.
FiscalReps has developed a software application called Taxbox, which it aims to use to redefine the IPT compliance landscape.
“This move reflects the high availability in Dublin of local software development expertise, a well-developed ICT infrastructure, the presence of highly specialised venture capital investors and an array of other supports for emerging software companies,” a spokesperson said.
“The move also reflects the Irish capital’s role as a key hub for multinational financial services organisations, with the Republic currently representing the largest market for (insurance premium tax) liability management outside of the UK,” she said.
The company has recruited senior technology professional Conor McCarthy to help oversee sales of Taxbox.
The company believes demand for the software will soar as insurers come under increasing pressure from clients to guarantee their IPT compliance systems are foolproof.
“We are witnessing a sea change in the importance that corporates and insurers attach to IPT compliance,” said FiscalReps’ CEO Mike Stalley.
“We now routinely hear of insurers having to guarantee the effectiveness of their compliance processes in order to win or retain hugely valuable client business. Anxiety about corporate governance is up to new heights, thanks to the credit crunch and its fallout.
“However, the truth is few insurers really have a grasp of their current IPT exposure, let alone a systematic approach to controlling it, so guarantees are hard to provide,” Stalley said.
Insurance companies writing permitted business into the EU can use the Taxbox system to take care of their liabilities easily and effectively from the comfort of their desk.
The software automates many of the routine tasks involved in tax compliance and, by harnessing FiscalReps’ specialist knowledge as European leader in IPT compliance services, is constantly updated to reflect the latest rates and regulations across the EU and beyond.
By John Kennedy