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The current European VAT legislation encompassing insurance and financial services, including intermediation thereof, dates back to the adoption of the Sixth VAT Directive in 1977. The definitions do not, however, encompass the current complexity of insurance and financial transactions. This has resulted in considerable confusion for fiscal authorities and for businesses when deciding upon the application of the VAT exemption. As the correct VAT treatment has a significant economic impact on businesses, a great number of cases have been referred to the Court of Justice of the European Union. This is also the reason why the European Commission presented its proposal for the future treatment of insurance and financial services, including intermediation thereof, in November 2007. The political process has not yet been finalised and if the Commission s proposal is agreed upon, the question of understanding the definitions still exists. This book deals with the exemption for intermediation of insurance and financial services within European VAT. This implies analysing the methods of interpretation applied by the Court of Justice of the European Union when interpreting the provisions regarding insurance and financial services. Furthermore, the current definitions for intermediation of insurance and financial services as provided for in the VAT Directive are analysed and conclusions are made in order to define a single concept of intermediation. These analyses are followed by various practical scenarios from case law of the Member States concerning intermediation of insurance and financial services. Finally, comments based on the analyses carried out are given on the European Commission s proposal for amending the VAT Directive and the accompanying Regulation regarding intermediation of insurance and financial services."
Explores how the value-added tax (VAT) has risen from relative obscurity to become one of the world's most dominant revenue instruments.
État des lieux du droit fiscal au sein de l'Union européenne L’achèvement du marché intérieur et, au-delà, du projet européen, nécessite l’élimination de tous les obstacles fiscaux qui résultent de l’exercice de leurs souverainetés fiscales par les États membres. L’action ferme et résolue qui doit alors être menée par les autorités européennes comme par ces États s’inscrit dans un cadre dont les contours, longtemps incertains, ont été progressivement précisés : le droit fiscal de l’Union européenne. Le droit fiscal de l’Union européenne prévoit deux modalités d’intégration des fiscalités nationales : l’intégration négative, qui suppose l’interdiction des restrictions fiscales à la libre circulation des marchandises, la prohibition des restrictions fiscales à la libre circulation des personnes, des services et des capitaux, et l’encadrement des aides d’État sous forme fiscale ; et l’intégration positive, qui passe par l’harmonisation des droits fiscaux nationaux, l’élimination des doubles impositions, et la coopération administrative et politique en matière fiscale. À terme, la question de la création d’un impôt européen devra bien entendu être posée. Cette question montre à quel point le droit fiscal de l’Union européenne est une matière essentielle, passionnante et hautement symbolique. Présentée avec une grande simplicité par l’un de ses meilleurs connaisseurs, la construction de l’Europe fiscale reste une question complexe qui témoigne de la forte intégration des droits et des économies nationales, mais aussi des importants progrès qui doivent encore être accomplis. Un ouvrage de référence qui énumère les acquis du projet européen en matière de droit fiscal mais soulève aussi la question d'un impôt commun. À PROPOS DE L'ÉDITEUR Larcier Group, composé des marques d’édition juridique prestigieuses que sont Larcier, Bruylant, Promoculture-Larcier, propose des solutions documentaires adaptées aux besoins spécifiques de tous les professionnels du droit belge, luxembourgeois et français (avocats, magistrats, notaires, juristes d’entreprise,...). Fournisseur historique et privilégié de toutes les sources du droit, son offre éditoriale est composée, notamment, de la base de données juridique la plus complète de Belgique (Strada lex), de plus de 300 nouvelles monographies par an, plus de 70 revues juridiques, plusieurs collections de Codes, de logiciels de calculs et d’un riche catalogue de formations. Larcier Group est l’éditeur numéro 1 dans le segment juridique en Belgique. À côté de ce segment juridique, Larcier Group s’adresse également aux professions économiques et aux professions RH en Belgique avec sa marque Larcier Business et son offre éditoriale principalement numérique. Avec Indicator, Larcier Group fait partie, depuis juin 2016, du Groupe Éditions Lefebvre- Sarrut, à présent leader en Belgique sur tous les segments de l’édition juridique et fiscale.
This book is the only in-depth analysis of VAT to focus on exemptions as a whole. Ten insightful chapters by economists, lawyers, legal academics, and government tax advisors from a wide variety of jurisdictions grapple with the essential questions: Are VAT exemptions desirable? Are they avoidable? Are alternative legal designs possible? Are such alternatives necessary? What new problems do such designs give rise to? The authors emphasize in particular the design alternatives to exemptions that characterize modern VAT and the newly proposed post-modern VAT, both those that are already in operation in some countries and others that have not yet been attempted anywhere in the world. Among the core issues discussed are the following: out-of-scope supplies and suppliers; merit or concessional exemptions for, e.g., charities, healthcare, cultural activities, and education services; and technical exemptions applied to, e.g., gambling, immovable property, financial and insurance services. The book s high-calibre contributions provide a firm foundation for productively carrying the debate forward on traditional European-style VAT vs. modern VAT approaches. Most obviously, the book admirably meets the ongoing need of tax practitioners to assess VAT-related opportunities and pitfalls in order to properly safeguard the interests of their clients. It will also be greatly appreciated by tax counsel, financial services providers, and interested government officials, as well as by academics, students, and researchers in tax matters worldwide."
Indirect taxation is increasing in prominence worldwide. In times of international company tax competition, such forms of indirect taxation as value added tax (VAT) and goods and services taxes (GST) are particularly advantageous as sources of tax revenue on account of their broad base and non-distortion of competition in the chain of companies. In addition, the far-reaching changes in tax regimes wrought by these shifts are happening in direct parallel with the equally transformative digitalization of the economy, creating unprecedented difficulties for tax authorities worldwide and also for lawyers who must combine knowledge of the intricacies of indirect taxation with ever-changing digital ways of conducting business.
VAT and Financial Services takes the reader through the relevant legislation and case law, the legal concepts such as time and place of supply, the distinction between goods and services, what is taxable, and the interaction of these elements; examines the consequences of outsourcing (through a detailed study of 10 significant cases); looks at the key issues facing financial services and insurance; and then discusses the VAT cost sharing exemption. Since the second edition, there have been significant developments affecting payment processing and card handling services, VAT on holding companies and on the right to deduct input tax . Litigation in the areas of Special Investment Funds, pension fund management, partial exemption insurance and outsourcing has also moved on. Crowdfunding is a fairly new method of raising funds for activities, and HMRC have now issued guidance on the VAT liabilities affecting transactions. Appendices include: contracts of insurance; Lloyd’s VAT arrangements; HMRC ABI partial exemption guidance for the insurance sector; TOGC legal extracts; guidance on the cost sharing exemption; and the VAT territory of the EU. Finance directors and finance controllers in the financial services and insurance sectors and at those who advise these sectors should all find the book helpful.
In accordance with Article 22 of its 1996 Model Treaty, most double taxation conventions entered into by the United States contain a number of rules called limitation on benefits clauses, the purpose of which is to prevent the application of the benefits of the treaties to treaty shopping structures. Following the changes in the Commentaries on Article 1 of the OECD Model Tax Convention in 2003, a number of clauses similar to those provided in the United States Model Treaty have been included. In this study, the legal framework and application of these rules is analysed in depth, and particularly, taking into account those rules included in the double taxation conventions concluded between the United States and European Union member states. In this respect, the compatibility of these rules with European Community Law is also analysed in the last chapter. This study is based on the authors doctoral thesis, which was awarded the prize for the best doctoral thesis on financial and tax law by the Spanish Instituto de Estudios Fiscales (Ministerio de Economia y Hacienda) in 2002.

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