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International Trade Finance

Paul Connolly Associate Director in the VAT team of Chiltern plc reviews the indirect tax implications of common transactions in the area of international trade finance
For the provider of financial services international trade finance operations are an important source of entitlement to credit for VAT suffered on costs. This area covers financial services provided by banks and others to customers who engage in international trade whether as exporters or importers.
There are various reasons for the failure to identify this opportunity. The main ones are as follows.
●     Even in the straightforward case of a loan the financial service provider's accounting systems are usually set up to identify and code transactions for VAT purely on the basis of where the customer belongs....

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