EU Commission Review of Sixth VAT Directive
Some details have become available of the EU Commission review of the provisions in the Sixth VAT Directive relating to financial and insurance services
According to Revenue 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 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.
To this end, a discussion paper has been published which sets out the reasons why a review at this stage may be necessary. The paper is to be found at www.europa.eu.net. Submissions on the matter are requested by 9 June 2006 to
European Commission
Directorate-General Taxation and Customs Union
VAT and other turnover taxes unit
B-1049 Brussels
Belgium
or by e-mail to taxud-tva-sfa@cec.eu.int
or by fax to +32-2-299-36-48
Existing Revenue practice in relation to the VAT treatment of financial and insurance services will continue to apply pending the EU Commission review. Comments and suggestions are invited on the Commission consultation document when it becomes available.
ICAI will be participating in the consultation process.