- VAT is a complex area for Financial Service providers
- Top 4 VAT issues in the industry include scope of exemptions, intercompany recharges, VAT recovery, and e-invoicing
- Recent Supreme Court judgement narrows VAT exemption for payment activities
- Businesses must review their position and stay informed on changes
- Cross-border intercompany recharges pose VAT risks without proper documentation
- VAT recovery is a top priority for financial services industry
- Businesses should align VAT recovery methodology with business activities
- E-invoicing is being implemented worldwide to combat VAT fraud
- Each country has different approaches to e-invoicing, requiring businesses to stay updated
- Staying ahead of VAT complexities is crucial for financial services industry success.
Source: mha.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
