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VAT Treatment Of Financial Services

Peter Jenkins, Global Director of Indirect Tax, Ernst & Young, considers the progress with this review and looks at some more radical options from 'new world' VAT/GST jurisdictions

 
Peter Jenkins Global Director of Indirect Tax Ernst & Young considers the progress with this review and looks at some more radical options from 'new world' VAT/GST jurisdictions
The consultation process
 
The European Commission's consultation paper on modernising VAT obligations for financial services and insurance (working document 1802/06 of 15 February 2006) set out a useful brief history of how financial services are treated under the EU VAT system including the flirtation with technical methodology to allow full taxation and input credit (the Poddar study) summarised the main problem...

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