Rev. Proc. 2003-78, 2003-2 C.B 1029, contains instructions for the introduction of an excise duty exemption under Section 4371 on insurance premiums paid to a foreign insurer or reinsurer if the exemption is based on the provisions of an income tax agreement in which the United States participates. Rev Section 3.01. Proc. 2003-78 provides that a person who is otherwise required to pay the insurance excise on the basis of premiums to a foreign insurance or reinsurance company exempt from the insurance excise under an income tax agreement, when premiums are paid to an insurer or reinsurer established for contractual reasons in a country with which the United States has a contract , who enjoys an excise duty exemption and, prior to filing the tax return for the taxable period, this person knows that an agreement between the Internal Revenue Service and the foreign insurer or reinsurer under The Rev. Proc. 2003-78; Rev. Proc. 92-39, 1992-1 C.B 860; Rev. Proc.
87-13, 1987-1 C.B 596; or Rev. Proc. 84-82, 1984-1 C.B 779. CyprusFini ∆Massera ∆Allemagne ∆ IrelandIsraelItaliaseleMese (exemption applies only to excise duties levied on insurance premiums paid to foreign insurers and not on reinsurance premiums) MexicoNiasburg ∆Surted ∆ Under these contracts, the exemption generally does not apply when premiums are paid to an office outside the company`s country of residence. The persons responsible for the delivery under the concluding agreement are persons who are employees, executives or directors of the applicant, with whom the FET IRS can resolve issues arising from the contract and who are entitled to sign on behalf of the subject. For each person designated as the person in charge, please include a list of the parties, including their name, title, business address, phone, fax and email address. Make sure it is signed by someone with the authority to sign the application and that the person`s name is printed below and that the form is dated. On the next page, you will find a standard form for the list of PDF files for those responsible as part of the agreement. The Department of Finance and the IRS today issued guidelines on federal excise duties on insurance and reinsurance premiums paid to foreign insurance companies for U.S. risk insurance. Several U.S.
income tax conventions contain provisions that, in certain circumstances, waive the insurance consumption tax. For example, the new U.S. Income Tax Convention, which came into effect earlier this year, contains such a provision.