Financial Services VAT Alert

Der PwC Financial Services VAT Alert in englischer Sprache fasst die jüngsten Umsatzsteuerneuigkeiten im Finanzdienstleistungssektor in den europäischen Ländern zusammen.

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Issues in Edition 2013/01-02

  • Belgium: New rules on VAT deduction of company cars (and other capital goods) used for mixed purposes
  • European Union
    -     ECJ rules out directly effective right to adjust pre-1978 output VAT (Grattan Plc, case C-310/11).
    - VAT due despite lack of invoice and payment (Orfey Bulgaria EOOD, case C-549/11)
    - Questions to ECJ on management of defined contribution pension scheme (ATP Pension Service A/S, case C-464/12)
    - The lease service and the insurance of the lease object should be treated as two separate and independent services for VAT purposes (BGZ Leasing, case C-224/11)
    - Advocate General gives his opinion in two VAT Grouping case
  • Denmark: The application of the cost sharing exemption has been broadened
  • France: VAT rate changes on horizon for 2014
  • Germany: VAT treatment of health insurance rebates
  • Italy
    - Progress on VAT increase from 21% to 22% as from 1 January 2013
    - Developments on Financial Transaction Tax (FTT)
    - New rules regarding invoicing obligations as from 1 January 2013
    - Procurement contract – responsibility of the contractor/final recipient
 
  • Latvia: The new Latvian VAT Act: changes affecting financial institutions
  • Poland
    - Compensation for non-contractual use of vehicles should not be treated as a VAT taxable transaction
    - IT services which are necessary to complete financial transactions should be considered as an element of financial services and therefore VAT exempt
    - Input VAT incurred on securities portfolio management services which are used to make VATable transactions are deductible
  • Romania: Romania intends to introduce the “market value” taxable base for supplies of goods or services involving related parties having limited VAT deduction right
  • United Kingdom
    - Tax authority clarifies 2013 invoicing requirements
    - VAT deduction of partners’ accountancy fees
    - Revised tax authority policy on property business transferred as a going concern
    - Insurance mis-selling review and helpline services to attract VAT in future
 
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