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 It has become clear that the VAT rules around this important sector have become outdated and, because of VAT exemption rules, providers of financial and insurance services cannot deduct the VAT incurred on inputs, notably – but not exclusively – on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.
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raytodd.blog 