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Review of the VAT rules for financial and insurance services

Taxation

Current VAT rules for financial and insurance services are criticised for being complex, difficult to apply and for not having kept pace with the developments of new services in the sector. This seems to have led to a lack of VAT neutrality, legal uncertainty and high administrative and regulatory costs. The initiative focuses on addressing these issues through modernisation of the VAT treatment of financial and insurance services.

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Public consultation

ID: 12671

Lobbying Activity

14 responses

Consultation response

Insurance Europe, 19 Nov 2020

Insurance Europe welcomes the possibility to comment on the Roadmap/Inception Impact Assessment for the review of the VAT rules for financial and insurance services. We believe that an effort is required to harmonise VAT rules across Europe, establish a level playing field on VAT for all financial…

Consultation response

Invest Europe, 19 Nov 2020

The private equity industry welcomes the European Commission's initiative to assess the relevance of the current VAT rules for financial and insurance services, notably in the light of developments in the sectors and recent case law challenging practices allowed by most Member States. We have…

Consultation response

European Fund and Asset Management Association, 19 Nov 2020

EFAMA is grateful for the opportunity to comment on some of the messages included in the European Commission's roadmap on the "Review of VAT rules on financial services". Our comments cover the following sections of the roadmap: - Section A (Box1 - Problem the initiative aims to tackle: the lack…

Consultation response

Nederlandse Vereniging van Banken / Dutch Banking Association, 19 Nov 2020

Please find as attachment the feedback from the Dutch Banking Association. Kind regards Ton Daniels Senior Advisor Tax & Risk at the Dutch Banking Association.

Consultation response

Pensioenfederatie (Federation of the Dutch Pension Funds), 19 Nov 2020

Dutch pension funds are strongly committed to deliver pension services on behalf of and in the interest of those who work in the Netherlands, either living in the Netherlands or any other Member State. They seek for the lowest cost and the appropriate investment policy (maximizing risk-adjusted…

Consultation response

Fédération Française de l'Assurance, 19 Nov 2020

The French Insurance Federation is grateful for the opportunity to comment on the enclosed roadmap for a review of VAT rules applicable to financial and insurance services. The industry fully supports the initiative for a global review of current applicable VAT rules. It is indeed of major…

Austrian Savings Banks urge modernization of EU VAT rules

Österreichischer Sparkassenverband, 19 Nov 2020

The organization requests that outsourced services like cost-sharing arrangements remain tax-neutral. They also emphasize maintaining the current VAT exemption for managing investment funds to protect small investors.
Maintaining these tax exemptions prevents additional financial burdens and eliminates competitive disadvantages for European banks.
Private investors would face significantly higher costs if investment fund management fees became subject to VAT.

Consultation response

European Federation of Building Societies, 19 Nov 2020

Please find attached the EFBS Feedback on the roadmap for updating VAT regulations for financial services.

Consultation response

PensionsEurope, 19 Nov 2020

Read attached PensionsEurope's complete feedback. In summary: PensionsEurope supports the EC’s objective to simplify the life of taxpayers operating in the Single Market and we welcome the review of the VAT rules. In our position paper (November 2018) on the necessary steps to relieve pension fund…

Consultation response

European Tax Adviser Federation, 18 Nov 2020

The European Tax Adviser Federation, ETAF, is a European umbrella organisation for more than 280.000 tax professionals from France, Germany, Italy, Belgium, Romania, Hungary and Austria. ETAF thanks the Commission for the opportunity to comment on its Roadmap / Inception impact assessment on the…

Consultation response

Fédération Nationale de la Mutualité Française, 19 Nov 2020

Tout d’abord, il nous parait indispensable de distinguer le traitement entre les différentes activités dites financières. Les commentaires ci-après concernent le secteur de l’assurance. 1- Sur la suppression de l’exonération Dans le secteur de l’assurance, si la suppression de l’exonération…

Consultation response

Groupe VYV, 18 Nov 2020

Le Groupe VYV (Harmonie Mutuelle, MGEN, MNT, MGEFI, Mutuelle Mare-Gaillard, SMACL Assurances...), créé en 2017, est le 1er acteur mutualiste de santé et de protection sociale en France. L’ensemble des composantes du groupe et leurs 45 000 collaborateurs, protège environ 10 millions de personnes et…

Consultation response

European Association of Public Sector Pension Institutions, 18 Nov 2020

• EAPSPI supports the initiative of the EU Commission to review relevant VAT rules and see leeways for the clarification of the legal base of VAT exemptions of (public sector) pensions schemes in the EU – but we are clearly against a general abolition of the system of VAT exemptions or relevant VAT…

Consultation response

BIPAR - European Federation of Insurance Intermediaries, 19 Nov 2020

BIPAR welcomes Europe’s objectives set out in the Commission Roadmap to clarify the VAT rules for the financial and insurance services where it is necessary. BIPAR is of the opinion that, when considering changes in the VAT treatment of insurance services, it is important to take into account the…