By Matt Thompson (October 5, 2021, 12:24 PM EDT) -- Insurance premiums should continue to be exempt from value-added tax in any future overhaul of the European Union's blocwide sales tax rules, according to a lobbying group's position paper issued Tuesday.
Insurance Europe said the European Commission, the EU's executive branch, would be wrong to consider insurance premiums as fees, therefore making them potentially liable for VAT.
"It is important to underscore that the nature of premiums is inherently different from the nature of fees," the paper said. "In the case of a service, its contents are usually established in advance, so that it is possible to calculate the exact costs"...
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