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The end of insurance and banking without VAT could be near

On July 15, 2020, the European Commission (EC) adopted the so-called “Action Plan for fair and simple taxation that supports recovery” , a new package of actions that aims to strengthen the fight against tax abuse, help tax administrations to adapt to a constantly changing economy and ease administrative burdens for citizens and businesses. It also ensures better cooperation with non-EU countries and strengthens the Commission’s support for developing countries. Among the measures is a revision of the VAT regime in the financial sector, which would affect banking, insurance and similar products, which would eliminate the existing VAT exemption for said type of services.

Source: ivaconsulta.com

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