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VAT & Financial Services and Accession

 
Peter Jenkins Head of Indirect Tax Ernst & Young discusses the implications of accession on 1 May 2004 for the VAT treatment of financial services
 
Although the ten Accession States all currently follow the standard international practice in providing exemption for financial and insurance services they do so in ways which differ in important respects from the mandatory treatment prescribed in the Sixth Directive (and the case law of the European Court of Justice (ECJ)). The main existing differences concern the borderline between what is taxable and what is exempt the treatment of both imported and exported financial services the treatment of intermediary services the treatment of branch-to-branch transactions when these are cross-border the availability of grouping and the rules governing partial exemption. Significant changes are needed both...

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