Patent ID: 8175948

Claim:
A computer-based system for determining insurance premium taxes (IPT) for multiple clients in a plurality of countries, the system comprising an electronic database containing data identifying: (a) a plurality of classes of risk in each country for which IPT is payable, (b) the tax rates for each tax type applicable to each class of risk in each country, (c) the tax-collection organisation(s) in each country for each class of risk, (d) financial data supplied by clients, the system further including software operatively associated with a processor and the database for receiving financial data from each client relating to insurance transactions for which IPT is payable and storing said data in the database, determining from said financial data the relevant class(es) of risk for each country and the tax payable in respect thereof to each tax-collection organisation in the country, and preparing a tax return for each transaction for which IPT is due.