Pension funds and VAT : not always the best of friends
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The work Pension funds and VAT : not always the best of friends represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
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Pension funds and VAT : not always the best of friends
Resource Information
The work Pension funds and VAT : not always the best of friends represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
- Label
- Pension funds and VAT : not always the best of friends
- Language
- eng
- Summary
- There are several reasons why VAT and pension funds or pension schemes have not always been the best of friends. One of the main reasons may be that most pension funds will not be in a position to recover (part of) the VAT they incur when acquiring goods or hiring services. Another lesser known reason may be that the current VAT legislation may be considered somewhat outdated when looking at the developments within the financial industry generally and pension funds in particular. The European Union has recognized that the current VAT legislation in relation to the financial industry will have to be modernized. Meanwhile, the European Commission has put forward numerous proposals to amend and clarify the current exemptions for financial services. As it appears, however, the European Union is struggling to find sufficient consensus between the EU Member States to effectively modernize the current exemptions. The sheer complexity of VAT matters in the financial industry, the difference in interpretation of the current exemptions and the speed in which the financial industry is developing may well be at the heart of what is causing delays in the modernization process. The same complexity, difference of interpretation and rapid developments can be found in the pension industry. Therefore, the authors fear that things are not looking much better for the harmonization of the VAT aspects concerning pension funds. This probably means that for now one will have to do with the general principles underlying the current VAT legislation
- Citation source
- In: Derivatives and financial instruments. - Amsterdam. - Vol. 15 (2013),
- Geographic coverage
-
- European Union
- Europe
- Language note
- English
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Context of Pension funds and VAT : not always the best of friendsWork of
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