VAT Exemption for Insurance Intermediation Requires Accompanying Consultancy Services, Clarifies IVASS.

• VAT exemption applies to insurance, reinsurance, and annuity operations, including related mandates, mediation, and intermediation services.
• The exemption is straightforward for professionals registered in the insurance intermediaries register.
• Complexity arises when the service is a mere occasional referral.
• The definition of insurance intermediation includes presenting or proposing insurance contracts and assisting in their management.
• The Italian Insurance Code includes consulting and proposing insurance contracts in its definition of distribution activities.
• IVASS clarified that mere referral of names is not considered distribution unless it includes assistance or consulting and involves compensation.
• Courts have ruled that VAT exemption does not apply to referrals of potential clients to banks for financing.

Source: eutekne.info

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.

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