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All Change

Greg Sinfield Head of Indirect Tax Lovells LLP discusses the European Commission's proposals for new VAT rules for insurance and financial services
On 28 November 2007 the European Commission issued a proposal for a new Council Directive1 to amend the VAT Directive2 and introduce a new VAT Regulation3 to modernise the VAT rules for insurance and financial services. Insurance and financial services are generally exempt from VAT. The descriptions of the exempt services in the VAT Directive have not changed since 1977 and have not kept abreast of developments in the insurance and financial services industries. Further the exemptions are not applied uniformly by the Member States and as a result the number of cases concerning the exemptions referred to the European Court of Justice (ECJ) has been growing steadily...

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