Business Services Industry
EU VAT treatment of insurance and financial services.
Australasian Business Intelligence, February, 2007
Byline: Rita de la Feria
Feb 12, 2007 (Tax Notes International - ABIX via COMTEX) -- Article 13B of the EU Sixth VAT directive directs that insurance and financial services be exempt from value added tax (VAT). The rationale behind this decision appears to be more about the difficulty of taxing such services than a desire to encourage more people to consume them, and that in an ideal world they would indeed be subject to VAT. In 2006, the European Commission announced it would be reviewing the Sixth VAT directive in regard to the current exemption for insurance and financial services. The deadline for submissions to its review closed on 9 June 2006, but the Commission has yet to release any findings of its review.
Publication Date: 11 September 2006...
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