EU COMMISSION LAUNCHES PUBLIC CONSULTATION ON VAT RULES FOR FINANCIAL AND INSURANCE SERVICES

On 9 February, the EU announced the launch of a consultation to gather views on the current VAT rules for financial and insurance services, and to seek ideas on possible improvements, as part of a Tax Action Plan.  It has become clear that the VAT rules around this important sector have become outdated and, because of VAT exemption rules, providers of financial and insurance services cannot deduct the VAT incurred on inputs, notably – but not exclusively – on investment goods such as IT costs.  Any modernisation will take account of the rise of the digital economy and the increase in the outsourcing of input services by financial and insurance operators as well as the way this sector is structured.

https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12671-Review-of-the-VAT-rules-for-financial-and-insurance-services/public-consultation

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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