Insurance Trade Group Calls EU's VAT System Outdated

Law360 (May 4, 2021, 12:24 PM EDT) -- A group representing Europe's insurance sector said Tuesday that the European Union's value-added tax system is outdated and puts insurance companies in the bloc at a disadvantage, adding that the system needs a fundamental overhaul.

The group Insurance Europe said it welcomed efforts by the European Commission, the EU's executive body, to revise VAT rules for financial services. Among other changes, the group called for a reduction in what it called hidden VAT — costs that providers of financial and insurance services can't deduct on inputs because the services are exempt. 

"The VAT liability of financial services transactions continues to be...

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