L ast year al one, various E urop ean countries such as F rance, M al ta, P ortug al , S l ovenia, I tal y and th e U nited K ing dom increased th eir p rem ium tax rates. O utside of E urop e, insurers are l ook ing w ith interest at th e introduction of g oods and services tax in I ndia and val ue- added tax in C h ina; b oth taxes w il l b e ap p l ied on insurance services.

I n recent tim es, p rem ium taxes h ave sh if ted into th e f ocus not j ust f or insurers and b rok ers b ut al so f or th e insured. Th e need f or m ul tinational g roup s to m anag e rep utational and financial risk on insurance premium tax ( I P T) h as never b een g reater g iven f ar- reach ing discussions on tax com p l iance, transp arency, C R S ( C om m on

R ep orting S tandard) and B E P S ( B ase Erosion and Profit Shifting). Usually the b rok ers/ insurers are resp onsib l e f or th e cal cul ation and settl em ent of taxes at a l ocal l evel . H ow ever, if th e insurer does not h ave a l icense in a country, I P T m ay stil l b e ap p l icab l e b ut needs to b e settl ed b y th e p ol icyh ol der. Th is can trig g er a com p l iance issue f or th e m ul tinational com p any.

I f you h ave any q uestions, p l ease g et in touch . F or m ore inf orm ation on our I P T S ervices of f ering , p l ease visit our I P T m icrosite at ey . com/ I P T

P l e a s e a l s o c o n t a c t u s i f y o u w o u l d l i k e to attend our biannual IPT Briefing on 1 1 M a r c h 2 0 1 6 i n L o n d o n .

W elcome to th e latest issue!

I s s u e N o . 1 , 2 0 1 6

Global insurance premium tax newsletter

D av id B earman P a r t n e r

T om H ilv erk us Senior Manager

2 | Global insurance premium tax newsletter I s s u e N o . 1 , 2 0 1 6

O v erv iew

C h ina

V AT up date

K uwait

P rop osal to introduce w ith h ol ding tax

L atv ia

F inancial and C ap ital M ark et C om m ission ( F C M C ) l evy

reduced

S y ria

D eadl ine f or p aym ent of N ational R econstruction

S urtax extended

I nd ia

U p date on G S T situation

S w ach h B h arat C ess introduced on insurance

p ol icies

Z ambia

V AT rep l aced w ith new insurance l evy

N ew Z ealand

P rop osed G S T ch ang es f or nonresident sup p l iers

E arth q uak e C om m ission L evy and F ire S ervice L evy

p rop osed ch ang es

L uxembourg

N ew insurance tax p rop osed on certain civil l iab il ity

insurance

B elg ium

I N AM I reduced on accidents- at- w ork insurance

Greece

P ension F und up date

F rance

I P T increased to 1 2 . 5 % on l eg al exp enses coverag e

L evy f or Terrorism V ictim s F und increased

S ocial S ecurity C h arg e ab ol ition on m otor insurance

al ong w ith I P T ch ang es

I taly

C h ang es to contrib utions f or R oad Accident V ictim s F und

and H unting Accident V ictim s Fund parafiscal charges

D enmark

C h ang e in l ocal rep resentative rul es

A lbania

Tax on insurance p rem ium s increased

U S A

V al idus R e F E T court case on retrocession — I R S p ub l ish es

am ended g uidance

3Global insurance premium tax newsletter I s s u e N o . 1 , 2 0 1 6 |

A l b a n i a T a x o n i n s u r a n c e p r e m i u m s i n c r e a s e dTh e tax on insurance p rem ium s, w h ich is l evied on m ost insurance p ol icies excl uding l if e insurance, travel insurance and g reen card insurance as p er th e C rete Ag reem ent, h as b een increased f rom 3 % to 1 0 % f rom 1 J anuary 2 0 1 6 .

BelgiumI N A M I r e d u c e d o n a c c i d e n t s - a t - w o r k i n s u r a n c e Th e N ational I nstitute f or H eal th D isab il ity ( I N AM I ) tax rate ap p l icab l e to insurance p ol icies covering accidents at w ork h as decreased f rom 4 . 1 9 % to 3 . 8 1 % f rom 1 J anuary 2 0 1 6 . Th e p ortion of th e tax th at is ch arg ed to th e insurer h as rem ained th e sam e at 0 . 0 6 % , b ut th e tax l evied on th e p ol icyh ol der h as decreased f rom 4 . 1 3 % to 3 . 7 5 % .

C h i n aV A T u p d a t e Th e announcem ent of th e V AT ref orm w as not m ade tow ard th e end of 2 0 1 5 . H ow ever, as C h ina is determ ined to p ush f or com p l etion of th e V AT ref orm in 2 0 1 6 , th e p ol icym ak ers are in the process of resubmitting the VAT reform plan to the State Council for final ap p roval . I t h as b een com m ented th at as th e resub m ission h as not b een m ade in tim e to th e S tate C ouncil b ef ore th e end of J anuary 2 0 1 6 , th e earl iest p ossib l e date f or V AT ref orm im p l em entation coul d now b e def erred to 1 J ul y 2 0 1 6 .

D e n m a r kChange in local representative rulesA b il l to ab ol ish th e ob l ig ation f or f oreig n insurance com p anies estab l ish ed in th e E U , N orw ay, I cel and, th e F aroe I sl ands and G reenl and to ap p oint a l ocal D anish rep resentative in rel ation to th e tax on th ird- p arty insurance on reg istered m otor veh icl es and th e tax on insurance on p l easure b oats w as adop ted b y th e D anish P arl iam ent on 2 1 D ecem b er 2 0 1 6 . Th e new rul es h ave com e into ef f ect f rom 1 J anuary 2 0 1 6 .

F r a n c e IPT increased to 12.5% on legal expenses coverageTh e I P T rate f or l eg al exp enses coverag e h as b een increased f rom 1 1 . 6 % to 1 2 . 5 % f rom 1 J anuary 2 0 1 6 and w il l f urth er increase to 1 3 . 4 % f rom 1 J anuary 2 0 1 7 . Th is tax rate increase does not ap p l y to p ol icies w h ere th e m ain or excl usive aim is to cover a crim inal def ense f or th e insured p erson or p ersons w ith reg ard to a p ersonal accident cl aim arising f rom an accident, w h ich rem ain taxab l e at 9 % .

Levy for Terrorism Victims Fund increasedTh e m inisterial decree of 3 0 O ctob er 2 0 1 5 ( p ub l ish ed on 1 N ovem b er 2 0 1 5 ) p rovides th at, f rom 1 J anuary 2 0 1 6 , th e f und of g uarantee f or th e com p ensation of terrorist attack s victim s w il l b e increased f rom th e l um p sum of E U R 3 . 3 0 to E U R 4 . 3 0 p er p ol icy f or existing taxab l e insurance p ol icies.

Social Security Charge abolition on motor insurance along with IPT changesF rom 1 J anuary 2 0 1 6 , th e S ocial S ecurity C h arg e of 1 5 % due on m otor l iab il ity contracts w as ab ol ish ed. Ag ricul tural and com m ercial l and m otor veh icl es h eavier th an 3 . 5 tons h ave h ad th eir I P T status f or com p ul sory th ird- p arty m otor l iab il ity p ol icies ch ang ed f rom exem p t to 1 5 % , and I P T rates f or al l oth er com p ul sory th ird- p arty m otor l iab il ity p ol icies are increased f rom 1 8 % to 3 3 % f rom th e sam e date.

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G r e e c e P e n s i o n F u n d u p d a t eOn 7 October 2015, a ministerial decision was issued that confirmed there are reduced P ension F und tax rates in f orce f rom 1 J anuary 2 0 1 5 retrosp ectivel y. Th e ch arg e w as orig inal l y g oing to b e ab ol ish ed f rom th is date. Th e new rates in f orce are 6 0 % of th e orig inal rates of 1 % to 5 % f or existing taxab l e insurance contracts, i. e. , 0 . 6 % to 3 % . Th is m inisterial decision w as in ef f ect until 3 1 D ecem b er 2 0 1 5 , and no f urth er announcem ents h ave b een m ade as to w h eth er th e ch arg e h as b een extended into 2 0 1 6 .

I n d i aU p d a t e o n G S T s i t u a t i o nTh e l atest p osition on G S T is th at th e G overnm ent’ s attem p ts to g et th e necessary b il l p assed th roug h th e U p p er H ouse in th e w inter session of P arl iam ent ending on 2 3 D ecem b er 2 0 1 5 h ave f ail ed. Th ey are now l ik el y to attem p t to introduce th e b il l in th e B udg et S ession ( exp ected to l ast f rom th e th ird w eek of F eb ruary until Ap ril 2 0 1 6 ) and th e ch ances of it p assing are h ig h er as th e num b ers op p osed to th e b il l are exp ected to g o dow n. I f th is h ap p ens and th e b il l is p assed, th en th e im p l em entation date f or G S T w il l not h ap p en in Ap ril 2 0 1 6 b ut is m ore l ik el y to b e O ctob er 2 0 1 6 .

S w a c h h B h a r a t C e s s i n t r o d u c e d o n i n s u r a n c e p o l i c i e sA new tax h as b een introduced f rom 1 5 N ovem b er 2 0 1 5 cal l ed S w ach h B h arat C ess ( S B C ) at th e rate of 0 . 5 % .

Th is tax is ap p l icab l e on al l services th at are sub j ect to service tax, w h ich incl udes al l g eneral insurance, l if e insurance and reinsurance p ol icies.

► F or b oth g eneral insurance and reinsurance, th e S B C is l evied on top of th e existing service tax, w h ich m eans an ef f ective rate of 1 4 . 5 % is ch arg ed.

► F or l if e insurance, th e service p rovider/ insurer h as an op tion to eith er p ay service tax at 1 4 . 5 % ( service tax at 1 4 % p l us S B C at 0 . 5 % ) on th e g ross p rem ium reduced b y th e am ount al l ocated f or investm ent on b eh al f of th e p ol icyh ol der, if such an am ount is intim ated to th e p ol icyh ol der at th e tim e of p roviding th e service; or in al l oth er cases p ay service tax at 3 . 6 2 5 % ( service tax at 3 . 5 % p l us S B C at 0 . 1 2 5 % ) on th e p rem ium charged in the first year and service tax at 1.8125% (service tax at 1.75% plus SBC at 0 . 0 6 2 5 % ) on th e p rem ium ch arg ed in sub seq uent years.

I t a l yChanges to contributions for Road Accident Victims Fund and Hunting Accident Victims Fund parafiscal charges Th e p ercentag e contrib ution of p rem ium s sub j ect to th e R oad Accident V ictim s F und and Hunting Accident Victims Fund parafiscal charges has increased from 95.6% to 96.4% with effect from 1 January 2016, which means that the effective tax rates for these parafiscal ch arg es are now 2 . 4 1 % and 4 . 8 2 % , resp ectivel y.

K u w a i tProposal to introduce withholding taxA new draft Business Profits Law is being discussed in Parliament. Under this, there is a p rop osal f or a 5 % w ith h ol ding tax to b e introduced on insurance p rem ium s p aid to nonresident insurers.

5Global insurance premium tax newsletter I s s u e N o . 1 , 2 0 1 6 |

LatviaFinancial and Capital Market Commission (FCMC) levy r e d u c e dAs of 1 J anuary 2 0 1 6 , th e L atvian F inancial and C ap ital M ark et C om m ission ( F C M C ) does not sep arate dom estical l y l icensed insurers f rom E U - auth oriz ed insurance com p anies. Unified rates are now payable by insurers as determined by the FCMC.

F or th ird- p arty m otor l iab il ity insurance p ol icies th e new tax rate is reduced f rom 0 . 2 % to 0 . 1 8 % .

F or l if e insurance p ol icies, th e new tax rate is reduced to 0 . 1 8 4 % ( dow n f rom 0 . 2 1 6 % f or dom estical l y l icensed insurers and 0 . 1 9 4 % f or E U auth oriz ed insurers) .

F or al l oth er non- l if e insurance p ol icies, th e new rate is 0 . 2 3 6 % ( dow n f rom 0 . 2 9 2 % f or dom estical l y l icensed insurers and 0 . 2 6 0 % f or E U - auth oriz ed insurers) .

LuxembourgNew insurance tax proposed on certain civil liability insurance Th e G overnm ent h ad p rop osed to introduce a new tax of 3 % f rom 1 J anuary 2 0 1 6 on insurance ag ainst civil l iab il ity in resp ect of th e use of l and m otor veh icl es reg istered in L uxem b ourg . H ow ever, th e l atest inf orm ation f rom th e G overnm ent is th at th e im p l em entation is p ostp oned p ending f urth er discussions and ch ang es to th e l aw .

N e w Z e a l a n dProposed GST changes for nonresident suppliers Th e N ew Z eal and G overnm ent introduced th e “ Taxation ( R esidential L and W ith h ol ding Tax, G S T on O nl ine S ervices, and S tudent L oans) B il l ” in N ovem b er 2 0 1 5 . P rop osed ch ang es contained w ith in th e b il l w oul d treat cross- b order sup p l ies of services as b eing sub j ect to G S T. I nsurance services p rovided b y overseas sup p l iers are l ik el y to b e caug h t w ith in th e scop e of th e p rop osal . A sum m ary of th e p rop osed ch ang es is as f ol l ow s:

► G S T w il l ap p l y to sup p l ies of “ rem ote” services and intang ib l es b y of f sh ore sup p l iers to N ew Z eal and resident consum ers. R em ote services are w h ere th ere is no necessary connection b etw een th e custom er’ s p h ysical l ocation and th e p l ace w h ere th e services are p erf orm ed.

► R em ote services th at are sup p l ied to N ew Z eal and G S T- reg istered b usinesses w il l not b e sub j ect to G S T. Th e recip ient m ust notif y th e sup p l ier th at th ey are reg istered, or p rovide th eir G S T reg istration num b er or N ew Z eal and b usiness num b er; oth erw ise, th e service m ust b e treated as if it w ere m ade to a non- G S T- reg istered b usiness. H ow ever, th e sup p l y of rem ote services m ay b e z ero- rated if th e of f sh ore sup p l ier and reg istered b usiness ag ree.

► W h ere a z ero- rating el ection h as b een m ade, a nonresident insurer w il l b e denied an inp ut tax deduction f or an insurance p aym ent m ade under a contract of insurance.

► O f f sh ore sup p l iers w il l b e req uired to reg ister and return G S T if th eir sup p l ies to N ew Z eal and residents exceed N Z $ 6 0 , 0 0 0 in a 1 2 - m onth p eriod. R em ote services sup p l ied to N ew Z eal and G S T- reg istered b usinesses w il l not count tow ard th is th resh ol d, unl ess a z ero- rating el ection h as b een m ade.

► An of f sh ore sup p l ier m ust treat a rem ote service as b eing m ade to a N ew Z eal and custom er ( and conseq uentl y ch arg e G S T on th e sup p l y) on th e b asis of tw o non-conflicting pieces of evidence (such as the customer’s billing address, internet protocol address, or th e custom er’ s b ank detail s) .

Th e p rop osed new rul es w il l com e into f orce on 1 O ctob er 2 0 1 6 , f ol l ow ing enactm ent of th e b il l .

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Earthquake Commission Levy and Fire Service Levy proposed changesC h ang es rel ating to th e E arth q uak e C om m ission L evy and th e F ire S ervice L evy are exp ected in m id- 2 0 1 7 . Th e intended ch ang es to each of th e l evies h ave not b een confirmed, and a consultation process between government departments and insurers will take place in the future to confirm the final arrangements.

S y r i aDeadline for payment of National Reconstruction Surtax e x t e n d e dTh e N ational R econstruction S urtax of 5 % , w h ich is ap p l ied on th e stam p duty p aid on al l non- l if e and l if e insurance p ol icies and w as orig inal l y set to exp ire on 3 1 D ecem b er 2 0 1 5 , h as now b een extended until 3 1 D ecem b er 2 0 1 8 as p er th e new L eg isl ative D ecree N o. 3 of 2 0 1 6 .

U S A Validus Re FET court case on retrocession — IRS publishes amended guidanceThe US Internal Revenue Service (IRS) has confirmed in Revenue Ruling 2016–03 that th ey are no l ong er ap p l ying th e 1 % f ederal excise tax on a p ol icy of reinsurance issued b y one f oreig n reinsurer to anoth er f oreig n insurer or reinsurer. Th e I R S reconsidered Revenue Ruling 2008–15 in view of the decision of the United States Court of Appeals for th e D istrict of C ol um b ia C ircuit in th e case of V al idus R einsurance, L td. vs. U nited S tates, 786 F.3d 1039 (2015). As such, the IRS revoked Revenue Ruling 2008–15. The IRS also stated that “[n]o inference should be drawn that the revocation of Rev. Rul. 2008–15 af f ects th e l iab il ity f or excise tax under section 4 3 7 1 on any oth er p ol icies of insurance or reinsurance. ”

Z a m b i aVAT replaced with new insurance levyTh e G overnm ent announced th e rem oval of V AT on non- l if e I nsurance and th e I ntroduction of a l evy on al l non- l if e insurance p rem ium s at th e rate of 3 % f rom 1 J anuary 2 0 1 6 .

7Global insurance premium tax newsletter I s s u e N o . 1 , 2 0 1 6 |

C ountry f ocus

IPT and parafiscal charges in Belgium

I n t r o d u c t i o nI nsurance p roviders f ace a w ide variety of tax issues w h en entering th e B el g ian insurance market. Due to the tax landscape, the provider has to tackle various qualification issues in order to ensure com p l iance w ith th e B el g ian insurance p rem ium tax ( I P T) and parafiscal charges.

Al l too of ten, th e B el g ian I P T reg ul ations are sh ort, vag ue and b ased on not readil y accessib l e adm inistrative g uidel ines. Th is is esp ecial l y th e case w ith resp ect to th e parafiscal charges where the scope and the rates are oftentimes unclear and occasionally baffle the uninitiated.

Th is articl e discusses som e of th e p itf al l s each p rovider active in th e B el g ian insurance market should watch out for: Is IPT due? Which parafiscal charges are applicable? H ow sh oul d you g aug e th e audit risk ?

W h a t i s i n s u r a n c e ?I n p rincip l e, B el g ian I P T is due on insurance transactions and onl y on insurance transactions. Conveniently, the Belgian IPT regulations do not define what insurance is b ut ref er to E urop ean case l aw , B el g ian l aw and g eneral p ractice.

IPT will be due only if an agreement can be qualified as an insurance agreement and the services provided will be exempt from VAT. This qualification not only impacts the tax tech nical treatm ent of th e sup p l y, b ut can induce a rang e of ef f ects such as th e V AT p osition of th e com p any ( as an exem p t sup p l y does not g ive rig h t to deduct th e inp ut VAT). The importance of this qualification exercise can be illustrated by the recent Mapfre W arranty case ( 1 6 J ul y 2 0 1 5 , C - 5 8 4 / 1 3 ) . Th e C J E U h el d th at th e sal e of w arranties b y a th ird p arty ( not th e sel l er of g oods or services) constituted exem p t sup p l ies of insurance. F rom a B el g ian p oint of view , th e k ey to such an anal ysis is th e p osition tak en b y th e B el g ian reg ul ator ( F inancial S ervices and M ark ets Auth ority or F S M A) . Th e B el g ian reg ul ator th oug h t it p rudent to rel ease a p osition p ap er stating th at in th eir view any w arranty not ancil l ary to a p rincip al sup p l y needs to b e considered as insurance, th ereb y increasing th e scop e of th e B el g ian I P T as w el l .

IPT in Belgium?Th e def aul t p osition tak en b y B el g ium in m atters of insurance p rem ium taxes is th at I P T is always due when the following conditions are met, unless a specific exemption has been enacted:

1 . Th ere is an insurance contract.

2 . Th e risk is l ocated in B el g ium .

3 . Th e contract is in ef f ect in th e year w h en taxes are due.

Al so, b y def aul t, th e standard rate of 9 . 2 5 % w il l b e ap p l icab l e. G eneral as w el l as very specific exceptions to this rule exist. Life insurance premiums can benefit from several reduced rates, and reinsurance is exem p t.

8 | Global insurance premium tax newsletter I s s u e N o . 1 , 2 0 1 6

IPT to be increased with parafiscal chargesThe challenges found in the Belgian IPT system can mostly be traced to the parafiscal ch arg es in p l ace.

It is to be noted that from a purely Belgian viewpoint, these parafiscal charges are in no w ay rel ated to th e g eneral I P T tax discussed ab ove oth er th an th ey are al so l evied on p rem ium s. Th ey are m anag ed b y a dif f erent service and, m ore im p ortantl y, th ey h ave l og ic w h ich does not necessaril y conf orm to insurance standards. Th is com p l icates a proper classification and assessment of all the products an insurer sells.

W h il e th e g eneral I P T uses th e rational e th at al l p rem ium s are taxab l e at th e standard rate unless specific exemptions or lower rates can be deemed applicable, the parafiscal charges are typically only due when a specific risk is insured.

Note that in the view of the administration responsible for the parafiscal charges, this means ALL premiums which cover the specific risk are in scope even if it is not obvious that the policy covers such a specific in-scope risk. For instance, the INAMI levy will not only be applicable on specific fire insurance contract, but is also applicable on insurance contracts f or terrorism , p rop erty al l risk s, val uab l e g oods insurance, etc. Adm ittedl y, the administration cannot and will not tax the entire premium if such a specific risk is p resent, b ut w il l try to tax th e p art of th e p rem ium w h ich covers th e risk in scop e of th e parafiscal charge.

The administration responsible for the parafiscal charges maintains a list with various p ercentag es f or various insurance p roducts w h ich th ey deem as covering th e risk in scope for the parafiscal charges. With respect to the percentages applied, insurers can neg otiate deviating p ercentag es, esp ecial l y if th ey are a nonresident insurer th at p rovides insurance coverage in Belgium, but not through a product which has been specifically created f or th e B el g ian m ark et, as such p roducts tend to p rovide coverag e w h ich w oul d not necessarily be included in a typical Belgian insurance product. There are specific parafiscal charges dealing with fire, hospitalization, vehicle and accident risk.

For completeness, it should be noted that each parafiscal charge must be calculated and rep orted in th eir p rop er return.

T a x a u d i t c o n s i d e r a t i o n sTh e tax auth orities are rel ativel y active in search ing insurance coverag e f or w h ich no premium tax or parafiscal charges have been paid.

Th ey tend to f ol l ow an estab l ish ed p ath w h en doing so. I n p rincip l e, th e tax auth orities w il l l ook f or p ol icyh ol ders w h ich are l ik el y to sub scrib e to international insurance p rog ram s and audit th ese th oroug h l y. Th ey can do th is as f or I P T p urp oses a j oint l iab il ity exists b etw een th e insurance com p any, insurance interm ediaries and p ol icyh ol der. I t is easier f or th e auth orities to audit B el g ian residents th an a f oreig n insurance com p any w h ich w oul d p rovide th e necessary inf orm ation in various l ang uag es and in various f orm ats.

Th is m eans th at if one of an insurer’ s cl ients is audited, th e insurer w il l receive B el g ian I P T q uestions f rom tw o sides, nam el y f rom th eir cl ient and th e tax auth orities. Th is coul d l ead to rep utational dam ag e f or th e insurer.

It is noteworthy that the IPT legislation contains a specific statute of limitation regime which diverges significantly from the ordinary regime, meaning that the IPT authorities can g o b ack up to six years.

Even though significant fines are possible, we have noticed that the authorities are willing to negotiate regarding the amount of fines due and even waive said fines in the event of reg ul ariz ations and discussions. O b viousl y m uch dep ends on th e l evel of coop eration and inf orm ation m ade avail ab l e to th e tax auth orities.

9Global insurance premium tax newsletter I s s u e N o . 1 , 2 0 1 6 |

C o n c l u s i o n

As experience shows, the insurance premium tax and parafiscal charges rules seem straig h tf orw ard b ut a l iteral interp retation of th e l eg isl ation m ay easil y l ead to incorrect concl usions. Th e correct ap p l ication is ch al l eng ing even f or p rof essional tax p ractitioners.

C o n t a c t t h e a u t h o r s o f t h i s a r t i c l e

B art B uelens Executive Director

Tel : + 3 2 2 7 7 4 9 3 4 8 E m ail : b art. b uel ens@ b e. ey. com

J eroen H ens Manager

Tel : + 3 2 2 7 7 4 9 7 0 3 E m ail : j eroen. h ens@ b e. ey. com

J eroen V an L oock C o n s u l t a n t

Tel : + 3 2 2 7 7 4 6 4 7 6 E m ail : j eroen. van. l oock @ b e. ey. com

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C ontacts

D av id B earman P a r t n e r

Tel : + 4 4 2 0 7 9 5 1 2 2 4 9 E m ail : db earm an@ uk . ey. com

T om H ilv erk us Senior Manager

Tel : + 4 4 2 0 7 9 5 1 8 9 2 5 E m ail : th il verk us@ uk . ey. com

R ussell B rown Manager

Tel : + 4 4 2 0 7 9 5 1 0 1 7 5 E m ail : rb row n8 @ uk . ey. com

A d am A lonso Manager

Tel : + 4 4 2 0 7 9 5 1 1 4 9 4 E m ail : aal onso@ uk . ey. com

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EY | Assurance | Tax | Transactions | Advisory

A b o u t EYE Y is a g l ob al l eader in assurance, tax, transaction and advisory services. Th e insig h ts and q ual ity services w e del iver h el p b uil d trust and conf idence in th e cap ital m ark ets and in econom ies th e w orl d over. W e devel op outstanding l eaders w h o team to del iver on our p rom ises to al l of our stak eh ol ders. I n so doing , w e p l ay a critical rol e in b uil ding a b etter w ork ing w orl d f or our p eop l e, f or our cl ients and f or our com m unities.

E Y ref ers to th e g l ob al org aniz ation, and m ay ref er to one or m ore, of th e m em b er f irm s of E rnst & Y oung G l ob al L im ited, each of w h ich is a sep arate l eg al entity. E rnst & Y oung G l ob al L im ited, a U K com p any l im ited b y g uarantee, does not p rovide services to cl ients. F or m ore inf orm ation ab out our org aniz ation, p l ease visit ey. com .

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Th is m aterial h as b een p rep ared f or g eneral inf orm ational p urp oses onl y and is not intended to b e rel ied up on as accounting , tax, or oth er p rof essional advice. P l ease ref er to your advisors f or sp ecif ic advice.

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