We are delighted to share with you EPIF’s response to the European Commission public consultation on the review of VAT rules for financial and insurance services.

EPIF members consider the following overarching design principles for a future modernised VAT framework:

• Provide legal certainty to taxpayers engaged in the provision of financial services;
• Ensure consistency and channel neutrality in the VAT treatment of financial services across the EU [for suppliers and merchants];
• Ensure level playing field across all providers of financial services in the EU, irrespective of their business model or location;
• Enable business structuring decisions to be made, without regard to VAT costs;
• Remove any existing distortion of competition;
• Have minimal impact on exchequer receipts.