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Letter from Brussels

Piet Battiau Adviser International tax and VAT KBC Group Chair VAT Working Group European Banking Federation looks at the changes anticipated in VAT and Financial Services from a European perspective
It looks as if something might finally change in the VAT treatment of financial services and of the finance industry in general. This article looks at recent evolutions from a Brussels perspective. What is the approach of the European Commission? How is the European banking sector involved? What has already been done? What will happen next?
But first: an overview of the changing financial markets to illustrate why reform of VAT on financial services has become so urgent.
Global competition — European integration

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