Download or read book Intermediation of Insurance and Financial Services in European VAT written by Claus Bohn Jespersen and published by Kluwer Law International B.V.. This book was released on 2011-01-01 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current European VAT legislation encompassing insurance and financial services, including intermediation thereof, dates back to the adoption of the Sixth VAT Directive in 1977. The definitions do not, however, encompass the current complexity of insurance and financial transactions. This has resulted in considerable confusion for fiscal authorities and for businesses when deciding upon the application of the VAT exemption. As the correct VAT treatment has a significant economic impact on businesses, a great number of cases have been referred to the Court of Justice of the European Union. This is also the reason why the European Commission presented its proposal for the future treatment of insurance and financial services, including intermediation thereof, in November 2007. The political process has not yet been finalised and if the Commission's proposal is agreed upon, the question of understanding the definitions still exists. This book deals with the exemption for intermediation of insurance and financial services within European VAT. This implies analysing the methods of interpretation applied by the Court of Justice of the European Union when interpreting the provisions regarding insurance and financial services. Furthermore, the current definitions for intermediation of insurance and financial services as provided for in the VAT Directive are analysed and conclusions are made in order to define a single concept of intermediation. These analyses are followed by various practical scenarios from case law of the Member States concerning intermediation of insurance and financial services. Finally, comments based on the analyses carried out are given on the European Commission's proposal for amending the VAT Directive and the accompanying Regulation regarding intermediation of insurance and financial services.

Download or read book VAT and Financial Services written by Robert F. van Brederode and published by Springer. This book was released on 2017-03-06 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains the theoretical and policy issues associated with the taxation of financial services and includes a jurisdictional overview that illustrates alternative policy choices and the legal consequences of those choices . The book addresses the question: how can financial services in an increasingly globalized market best be taxed through VAT while avoiding economic distortions? It supports the discussion of the key practical problems that have arisen from the particular complexity of the application of VAT to financial services, and allows for the evaluation of best practice by comparing the major current reform models now being implemented.

Download or read book Insurance in European VAT written by Marta Papis-Almansa and published by Kluwer Law International B.V.. This book was released on 2016-11-30 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insurance constitutes a significant part of the financial services sector and is one of the foundations of modern economy and society. In the design of tax laws, however, whether and how to tax insurance is a complex issue that has become particularly controversial in the area of value-added tax (VAT). In the European Union, as in most of the world, insurance is exempt from VAT, but New Zealand and Australia do not follow this practice. Given that New Zealand’s simple, comprehensive goods and services tax (GST) – called ‘the world’s purest value-added tax’ – and its modified Australian version do not appear to suffer from the shortcomings in efficiency and effectiveness that plague European VAT, a comparison of the two systems is in order. This book is not only the first comparative in-depth study of the treatment of insurance in the two systems, but also the first comprehensive legal research devoted to the treatment of insurance in EU VAT published in English. Among the underlying issues and topics treated by the two systems covered are the following: – who has a right to deduct input VAT in relation to supplies inherent in insurance arrangements and to what extent; – what constitutes a supply of insurance and consideration for such a supply; – what transactions fall within the scope of the VAT Directive’s exemption for insurance; and – drawing a line between insurance and saving. The analysis is grounded in a methodology in which concepts of European VAT are compared with concepts performing the same function in the Australian and New Zealand GST laws. The author concludes with proposals for reform in EU VAT in the light of experience in these two major non-EU countries. Given that it has been proven that exemptions from VAT (such as insurance) cause a significant number of economic distortions and inefficiencies, this study represents a major contribution to a topical debate in European VAT law. It will be welcomed by taxation authorities, interested policymakers, practitioners, and scholars not only in Europe but worldwide.

Download or read book Fundamentals of EU VAT Law written by Frank Nellen and published by Kluwer Law International B.V.. This book was released on 2020-08-19 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: Parties to cross-border disputes arising anywhere in the vast Portuguese-speaking world – a community of more than 230 million in a space that offers a wide array of investment opportunities across four continents – increasingly seek Portugal as their preferred seat of arbitration. A signatory to all relevant international conventions, Portugal has proven to be an ‘arbitration-friendly’ jurisdiction. This volume is the first and so far only book in English that provides a thorough, in-depth analysis of international arbitration law and practice in Portugal. Its contributing authors are among the most highly regarded legal names in the country, including scholars, arbitrators, and practitioners. The authors describe how international arbitration proceedings are conducted in Portugal, what cautions should be taken, and what procedural strategies may be suitable in particular cases. They provide insightful answers to questions such as the following: What matters can be submitted to arbitration under Portuguese law? What are the validity requirements for an arbitration agreement? How do the State courts interact with arbitration proceedings and what is the attitude of such courts toward international arbitration? What are the rules governing evidentiary matters in arbitration? How is an arbitration tribunal constituted? How are arbitrators appointed? How may they be challenged? How can an international arbitral award be recognized and enforced? How does the Portuguese legal system address the issue of damages and what specific damages are admitted? How are the costs of arbitration proceedings estimated and allocated? The book includes analyses of arbitration related to specific fields of the law, notably sports, administrative, tax, intellectual property rights (especially regarding reference and generic medicines), and corporate disputes. Each chapter provides, for the topics it addresses, an examination of the applicable laws, rules, arbitration practice, and views taken by arbitral tribunals and state courts as well as those of the most highly considered scholars. As a detailed examination of the legal framework and of all procedural steps of an arbitration in Portugal, from the drafting of an arbitration agreement to the enforcement of an award, this book constitutes an invaluable resource for parties involved in or considering an international arbitration in this country. The guidance that it seeks to provide in respect of any problem likely to arise in this context can be useful to arbitrators, judges, academics, and interested lawyers.

Download or read book European VAT Law as Interpreted by the Court of Justice written by Erik Stessens and published by Kluwer Law International B.V.. This book was released on 2022-11-22 with total page 583 pages. Available in PDF, EPUB and Kindle. Book excerpt: Value added tax (VAT) is often considered the most important development in tax of the past century. Although generally successful – it can account for a large proportion of state revenue – it has spawned its own set of complex problems that require a corresponding set of legal skills to resolve. This book, by systematically drawing out the rules from a thorough analysis of the VAT Directive and as good as every VAT case ever decided by the Court of Justice of the European Union (CJEU) (850 in all), is the ideal day-to-day guide to European VAT law. The rules – and their applications – for such VAT matters as the following are clearly described with examples: distinction between supplies of goods and services for VAT purposes; bundled supplies; intra-Community acquisitions; when tax liability starts and ends; place of supply rules and their exceptions; exemptions in the real estate, finance, and insurance sectors; import and export exemptions; right to deduct VAT; abuse of rights; the problem of incorrect invoices; refund of VAT; and special schemes. An extensive keyword register facilitates navigating the book. Developed from the author’s daily practice as a tax counsel, this book will be of immeasurable value to tax consultants, lawyers, in-house counsel, tax authority officials, and taxation academics, not only in Europe but beyond.

Download or read book The Rise of the Value Added Tax written by Kathryn James and published by Cambridge University Press. This book was released on 2015-04-30 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores how the value-added tax (VAT) has risen from relative obscurity to become one of the world's most dominant revenue instruments.

Download or read book European VAT and the Sharing Economy written by Giorgio Beretta and published by Kluwer Law International B.V.. This book was released on 2019-10-24 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: A breadth of new digital platforms has dramatically expanded the range of possibilities for exchanging anything required by business or personal needs from accommodation to rides. In the virtual marketplaces shaped and ruled by these novel matchmakers, rather than by a single centralized entity, value is created through the granular interaction of many dispersed individuals. By allowing instantaneous and smooth interaction among millions of individuals, platforms have indeed pushed the digital frontier farther and farther, so as to include within it even services once not capable of direct delivery from a remote location such as accommodation and passenger transport. Legal disruption is also underway with foundational dichotomous categories, such as those between suppliers and customers, business and private spheres, employees and self-employed, no longer viable as organizational legal structures. This is the essential background of the first book to relate what is synthetically captured under the umbrella definition of ‘sharing economy’ to key features at the core of European Value Added Tax (EU VAT) and to look at the feasibility of a reformed EU VAT system capable of addressing the main challenges posed by these new models of production, distribution and consumption of goods and services. Specifically, the study analyses five legal propositions underpinning the current EU VAT system as the following: taxable persons; taxable transactions; composite supplies; place of supply rules; and liability regimes for collection and remittance of VAT. Exploration of these five legal propositions is meant to assess the practical feasibility of shoehorning the main sharing economy business models – notably, those available in the accommodation and passenger transport sectors – into the framework of existing EU VAT provisions. The author further draws on the normative standards of equality, neutrality, simplicity, flexibility and proportionality to test the ‘reflexes’ of the current EU VAT system in the sharing economy domain. Opportunities for reform of the current EU VAT system are in turn evaluated with each chapter including cogent proposals in the form of incremental and targeted amendments to the current EU VAT provisions. As the first comprehensive analysis of the treatment of the sharing economy for VAT purposes, the book provides not only a theoretical framework for future studies in the tax field but also indispensable practical guidance for VAT specialists confronting daily with the many challenges ushered in by the sharing economy. Moreover, the various solutions and recommendations advanced in the book offer valuable insights to international and national policymakers dealing with similar issues under other VAT systems.

Download or read book Rethinking EU VAT for P2P Distribution written by Cristina Trenta and published by Kluwer Law International B.V.. This book was released on 2015-09-24 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peer-to-peer (P2P) networks – decentralized group structures allowing anyone to easily download and share resources online – already play a critical role in the distribution of digital content. Most of the debate on P2P heretofore has focused on copyright issues. However, as the basis for legitimate business models a number of companies have already quietly embraced, P2P has a largely unknown and underestimated impact on taxation, with vast repercussions on the development of mature, profitable markets. This book analyses the current framing for digital and media supplies provided via P2P technologies through the lens of an interdisciplinary approach drawing on tax law, computer science, economics, copyright law, and business studies. VAT concepts such as those of economic activity and taxable person, taxable transactions, consideration, barter and taxable amount, and territoriality rules are discussed in connection with P2P, as is the evaluation of VAT liability for P2P operations in the presence of copyright infringement. Topics and issues considered include: - centralized and decentralized P2P networks; - free-riding problems; - identifying actors in P2P networks for VAT purposes; - P2P and place of supply; and - pros and cons of integrating P2P with taxation regimes and especially VAT systems. The analysis draws on a vast range of sources, including EU legislation and case law, tax law literature and doctrine, international conventions and treaties, Council of Europe and OECD documents, ECHR case law, and official documents and cases from key jurisdictions worldwide, offering the first thoroughly grounded approach to overcoming the lack of understanding and awareness of ongoing changes currently separating the digital economy and traditional taxation systems, and a solid platform for discussion to the diverse communities of researchers and professionals interested in P2P.

Download or read book Value Added Tax written by Alan Schenk and published by Cambridge University Press. This book was released on 2015-02-02 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book integrates legal, economic, and administrative materials about the value added tax (VAT) to present the only comparative approach to the study of VAT law. The comparative presentation of this volume offers an analysis of policy issues relating to tax structure and tax base as well as insights into how cases arising out of VAT disputes have been resolved. Its principal purpose is to provide comprehensive teaching tools - laws, cases, analytical exercises, and questions drawn from the experience of countries and organizations around the world. This second edition includes new VAT-related developments in Europe, Asia, Africa, and Australia and adds new chapters on VAT avoidance and evasion and on China's VAT. Designed to illustrate, analyze, and explain the principal theoretical and operating features of value added taxes, including their adoption and implementation, this book will be an invaluable resource for tax practitioners and government officials.

Download or read book VAT and Financial Services fourth edition written by Mark Chesham and published by Spiramus Press Ltd. This book was released on 2022-07-14 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: VAT and Financial Services takes the reader through the relevant legislation case law, and legal concepts; examines the consequences of outsourcing; looks at the key issues facing financial services and insurance; and discusses the VAT cost sharing exemption. Since the last edition significant changes include: consequences of Brexit, the abolition of Cost Sharing Groups and significant developments in case law.

Download or read book The Transformation of the European Financial System written by Vitor Gaspar and published by . This book was released on 2003-01-01 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Insurance Distribution Directive written by Pierpaolo Marano and published by Springer Nature. This book was released on 2021 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation offers the first comprehensive legal and regulatory analysis of the Insurance Distribution Directive (IDD). The IDD came into force on 1 October 2018 and regulates the distribution of insurance products in the EU. The book examines the main changes accompanying the IDD and analyses its impact on insurance distributors, i.e., insurance intermediaries and insurance undertakings, as well as the market. Drawing on interrelations between the rules of the Directive and other fields that are relevant to the distribution of insurance products, it explores various topics related to the interpretation of the IDD - e.g. the harmonization achieved under it; its role as a benchmark for national legislators; and its interplay with other regulations and sciences - while also providing an empirical analysis of the standardised pre-contractual information document. Accordingly, the book offers a wealth of valuable insights for academics, regulators, practitioners and students who are interested in issues concerning insurance distribution.--

Download or read book Taxation and Regulation of the Financial Sector written by Ruud de Mooij and published by MIT Press. This book was released on 2014-12-05 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analytical and empirical perspectives on the interplay of taxation and regulation in the financial sector.

Download or read book The Kingdom of the Netherlands Aruba written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2018-12-18 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last decade, Aruba has faced three recessions resulting in a public debt of approximately 90 percent of GDP. Its current budget deficit needs to be reduced and Aruba should close a fiscal gap of 1.5-2 percent of GDP over the next two to three years to return to a sustainable path. Earlier this year, the authorities have introduced a crisis package, mainly by increasing the turnover taxes. This temporary tax measure should be replaced by a tax reform that will modernize and simplify the current system. The new tax system should not only raise more revenue, but also shift the tax burden away from income and profits toward consumption. The current system is not well equipped to make these changes. In replacing the crisis levy, the Government sees an opportunity to streamline the current tax system, modernize it, and make it more sustainable for the future needs of Aruba.

Download or read book Improving Access to Bank Information for Tax Purposes written by OECD and published by OECD Publishing. This book was released on 2000-04-11 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Report was prepared by the Committee on Fiscal Affairs to consider ways to improve international co-operation with respect to the exchange of information in the possession of banks and other financial institutions for tax purposes.

Download or read book VAT in Africa written by Richard E. Krever and published by PULP. This book was released on 2008 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collection of articles reviewing the experience of the implementation of VAT in Africa. Besides analyses, the articles offer guidelines for reforming and improving both technical and administrative aspects of the tax. The several chapters consider design and structure of the VAT, VAT and specific factors, administrative aspects of VAT, Inter-jurisdictional and international aspects of VAT, and VAT and Francophone Africa.

Download or read book Contemporary Issues in Taxation Research written by Andy Lymer and published by Routledge. This book was released on 2019-12-20 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is based upon papers presented at the 10th Annual Conference of the Tax Research Network held at the University of Birmingham, United Kingdom, in September 2000. The book covers four discrete areas namely compliance, e-commerce and taxation, international taxation and taxation within the European Union, and value added tax, and focuses within those areas on issues of topical and continuing interest. In an introductory chapter, the editors provide an overview of the subject matter of each of the substantive chapters (of which there are eleven). They conclude by seeking to extrapolate from those chapters, notwithstanding their diversity, various matters of wider and contemporary import to taxation. The treatment of the material in this book by scholars from various academic disciplines and with differing geographical perspectives also gives distinct and instructive insights into widely recognised and enduring taxation problems within the above-mentioned subject areas. Further, an appreciation and understanding of the multi-faceted approaches which may be adopted for problem solving, and which are evident in this book, can only enhance the prospects of the ultimate resolution of these problems.