VATupdate

EU reconsiders Financial Services VAT exemption – 2023 proposals at risk with inflation surge

Legislative proposal 2023 on ending VAT-free banking and insurance may be in jeopardy with cost-of-living crisis

The European Commission has completed a public consultation on potentially withdrawing the VAT exemption on financial services – banking, insurance and similar. It published the submissions in August 2021.  Proposed VAT Directive amendments will likely be published in early 2023. This is part of the 2020 EU Tax Action Plan.

Source vatcalc

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