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The european proposal to amend Vat treatment on financial services

Salvatore Chiri, Fabrizio Borselli and Claudia Barsotti
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Salvatore Chiri: Banca d’Italia
Claudia Barsotti: Banca d’Italia

BANCARIA, 2009, vol. 7, 81-100

Abstract: The proposal of the Eu Commission to introduce an optional taxation for financial and insurance services is aimed at restoring the neutrality of Vat regarding the outsourcing choices of the intermediaries and at mitigating double taxation effects. Such a proposal would also allow to reduce applicative differences which affect the proper functioning of the internal market of financial services. The disadvantage of the Italian intermediaries with respect to the Eu countries which opted for taxation or introduced the Vat group and to the extra-Eu countries which do not apply Vat results in a loss of international competitiveness for all the national production system.

JEL-codes: G15 G28 H21 K34 (search for similar items in EconPapers)
Date: 2009
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Handle: RePEc:ban:bancar:v:7:y:2009:m:july:p:81-100