The Resource Commission proposal for a modernization of the VAT rules that are applied in respect of financial and insurance services

Commission proposal for a modernization of the VAT rules that are applied in respect of financial and insurance services

Label
Commission proposal for a modernization of the VAT rules that are applied in respect of financial and insurance services
Title
Commission proposal for a modernization of the VAT rules that are applied in respect of financial and insurance services
Creator
Subject
Language
eng
Summary
On 28 November 2007, the European Commission adopted a proposal containing both a directive and a regulation aiming at modernizing and simplifying the value added tax (VAT) rules applicable to financial and insurance services (COM(2007)747). This article provides a summary analysis of the failures of the current legislation and of the measures proposed by the Commission to resolve them. Section 2 focuses on the two main obstacles arising from the current legislation, including the uncertainty and inconsistency in the definition of exempt financial services and insurances, and the charge on businesses of a 'hidden VAT' on the purchase of goods and services, which currently increases with the development of outsourcing and pooling techniques. Section 3 discusses the ways in which the Commission is now proposing to address these obstacles, including a clarification of the exemption rules, a broadened option for taxation and a reviewed cost sharing, made as outlined by the proposed Directive and worked out in more detail by the proposed Regulation. Some conclusions are offered in section 4
Citation source
In: Intertax. - Alphen aan den Rijn. - Vol. 36 (2008),
http://library.link/vocab/creatorName
Lamensch, M
Geographic coverage
International
Language note
English
http://library.link/vocab/subjectName
  • VAT
  • financial services
  • insurance
Label
Commission proposal for a modernization of the VAT rules that are applied in respect of financial and insurance services
Instantiates
Publication
Label
Commission proposal for a modernization of the VAT rules that are applied in respect of financial and insurance services
Publication

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