The Ministry of the People's Power for Banking and Finance issued Resolution No. 022, of January 4, 2016 (Official Gazette No. 40,844 of February 5, 2016) that established a 2.5% rate for the special contribution payable by insurance, reinsurance, and prepaid medicine companies, risk managers, and legal entities that finance insurance fees or premiums ("Taxpayers") with the purpose of financing the Superintendence of Insurance Activity. Resolution No. 022 entered into force in February 5, 2016.
The special contribution is calculated on the Taxpayers' gross income and is paid on a monthly basis. As a consequence, the 2.5% rate will apply to the total of:
- Net premiums charged by insurance and reinsurance companies on insurance contracts, bond fees and trust agreements and risk management contracts fees;
- The fees charged by companies engaged in the prepaid medicine business in consideration for the provision of services of health plans;
- Interest on loans granted to policyholders or prepaid medicine clients, in the case of companies that finance insurance fees or premiums for fiscal year 2016, net of cancellation, returns and accepted reinsurance, as appropriate; and,
- Net premiums charged by insurance and reinsurance companies on business accepted from foreign underwriting companies.
The Superintendence of Insurance Activity must liquidate the special contribution and the Taxpayers must pay it on a monthly basis, in accordance with Order No. FSAA-002684 issued by the Ministry of the People's Power for Banking and Finance (Official Gazette No. 40,593 of February 5, 2015), which establishes that the Taxpayers must:
- Pay the special contribution during the first five business days as of the receipt of the Superintendence of Insurance Activity's notice; and,
- Send the payment receipts to the Superintendence of Insurance Activity during the first five days following the payment of the special contribution.