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People also ask
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What do retaliatory fees mean?
Retaliatory fee means a fee equal to the fee which a nonresident person would be charged by such person's state of residence if that person were a resident of Iowa making application for a license in that state.
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What states have an insurance premium tax?
When are state premium taxes due? State Tax on Life Insurance and Annuity Premium As of January 1, 2023 CA - California 0.50% 2.35% CO - Colorado 0.00% 2.00% FL - Florida 1.00% (tax is absorbed by the insurance co.) 1.00% (tax is absorbed by the insurance co.) ME - Maine no premium tax on qualified monies 2.00%6 more rows
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What are reclaimable taxes?
Foreign withholding tax reclamation allows investors to reclaim previously withheld tax paid under a higher withholding rate than the most favorable rate possible for the client.
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What are retaliatory taxes?
Retaliatory tax – A retaliatory tax is imposed on an out-of-state insurer if the insurance company is domiciled in another state which imposes higher taxes and fees on a California-domiciled insurer for the same business.
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What is the premium tax rate in Minnesota?
Life insurers, the rate is 2 percent on accident and health premiums, and 1.5 percent on life insurance premiums. Mutual property and casualty insurance companies, the rate is: 1.26 percent if they have more than $5 million in assets this year and had less than $1.6 billion in assets on Dec.
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What is a retaliatory state?
A retaliatory measure means that a State adopts a measure that is intrinsically lawful and in conformity with international law. The most common example is the rupture of diplomatic relations in response to another measure taken by another State.
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