Current VAT rules on financial and insurance services in the EU have long been criticised for being too complex and for having fallen off the pace of the sector’s latest developments.
The lack of VAT neutrality, the legal uncertainty and the ensuing high administrative costs stemming from the existing rules have recently led the European Commission to launch a citizens’ initiative to propose new/amended VAT EU legislation. The public consultation phase has just closed.
Source International Tax Review
See also
- Focus on ”Exemption – Insurance and reinsurance transactions, including related services performed by insurance brokers and insurance agents
- Focus on ”Exemption – Management of special investment funds”
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