Revenue E-Brief

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Revenue E-Brief Issue 11, 15 February 2011

VAT Treatment of Financial and Insurance Services

In e-Brief No. 3/2006 Revenue drew attention to the proposed EU Commission review of the provisions in the Sixth VAT Directive relating to financial and insurance services.

The EU Commission has now drawn up a provisional timetable for the review as follows:

  • The Commission has mandated a consultancy study of the financial and insurance services sector.
  • A public consultation document will be issued in March 2006.
  • A public conference will be held with representatives of the European financial services and insurance industry in May 2006.
  • Following that conference the Commission will meet with Member States, also in May 2006.

As already indicated in e-Brief No. 3/2006, existing Revenue practice in relation to the VAT treatment of financial and insurance services will continue to apply pending the EU Commission review. Further developments will be announced as they unfold.

Revenue will be happy to receive comments or suggestions on the Commission consultation document from interested parties. These should be forwarded to Clare Robson (email to crobson@revenue.ie) or Donal Barry (email to dbarry@revenue.ie).