Last edited by Kazuru
Wednesday, October 7, 2020 | History

2 edition of Financial activities in European VAT found in the catalog.

Financial activities in European VAT

Oskar Henkow

Financial activities in European VAT

a theoretical and legal research of the European VAT system and the actual and preferred treatment of financial activities

by Oskar Henkow

  • 260 Want to read
  • 25 Currently reading

Published by Kluwer Law International, Sold and distributed in North, Central, and South America by Aspen Publishers in Alphen aan den Rijn, Frederick, MD .
Written in English

    Subjects:
  • Financial services industry -- Taxation -- Law and legislation -- European Union countries.,
  • Value-added tax -- Law and legislation -- European Union countries.,
  • Tax exemption -- Law and legislation -- European Union countries.

  • Edition Notes

    StatementOskar Henkow.
    SeriesEUCOTAX series on European taxation -- v.18, Eucotax series on European taxation -- 18.
    ContributionsEucotax.
    Classifications
    LC ClassificationsKJE2188 .H46 2008
    The Physical Object
    Paginationxviii, 416 p. ;
    Number of Pages416
    ID Numbers
    Open LibraryOL22674673M
    ISBN 109041127038
    ISBN 109789041127037
    LC Control Number2008459271

    When US companies deal with value added tax “VAT” challenges in Europe, whether newly established or well established, they often fall into the same avoidable traps. These traps include: the assumption that VAT is similar to US sales tax or GST (it is not), and a belief that VAT does not apply to non-European businesses (it does). Sometimes, it is a combination of both. The implications for business. The practical implications for business of the VAT changes can be categorized into four key areas. Pricing: Up until now, a supplier of electronic services has been able to charge a fixed price and the same amount of VAT to customers throughout the r, if VAT is chargeable in the customer’s country of residence, the addition of VAT in each Member.

    export products within the European Union. This number enables a proper VAT registration and the ability to submit tax returns and claim for a refund. Please note that an application and registration for a VAT number in one European country does not cover other European countries. A VAT number is required in the country where products are. The Principal VAT Directive determines the scope of VAT in Article 2(1). This makes supplies liable to tax. Article 2, Directive / 2(1) The following transactions shall be subject to VAT.

    Contents 3 Introduction, Key Findings 4 Printed Books & VAT/GST 5 E-books & VAT/GST 6 The case for zero-rate VAT on books and e-books 7 Developments within the European Union Country data About Us The International Publishers Association (IPA) is a federation of national, regional and specialist publishers' associations.   T oday (October 2), the European Union’s Economic and Financial Affairs Council—called ECOFIN —has made a long-demanded move, in agreeing to allow all EU member states finally to put ebooks on an equal footing with print in terms of value added tax, VAT.


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Financial activities in European VAT by Oskar Henkow Download PDF EPUB FB2

Store International Financial Activities in European VAT: A Theoretical and Legal Research of the European VAT System. are the questions which triggered this research and which form the basis for the critical analysis contained in this book.

Using a system design point of view, the author focuses on VAT schemes where exclusion or inclusion. Buy Financial Activities in European VAT: Theoretical and LG Research (Eucotax Series on European Taxation) (Eucotax on European Taxation) by Oskar Henkow (ISBN: ) from Amazon's Book Store.

Everyday low prices and free delivery on eligible orders. European VAT, 3 Difficulties in treating financial activities in a VAT system 6 Introduction 6 Difficulties in assessing the taxable amount 6 Difficulties in determining what is an economic activity and a taxable transaction 8 Difficulties related to the exempt status 8.

Value added tax (VAT) is a key part of the fiscal revenue of many countries. Yet this broad-based tax on consumer spending exempts financial services.

This seems puzzling to many, particularly given the significance of that sector and the size of its value-added in today's world economy.

The fact that the European Commission is currently reviewing the tax treatment of financial activities in Pages:   The key financial activities exempted by the EC's Sixth VAT Directive are: Insurance described as ‘Insurance and reinsurance transactions, including related services performed by insurance brokers and insurance agents’; Dealings in bank notes and coins defined as ‘Transactions, including negotiation, concerning currency, bank notes and coins used as legal tender, with the exception of Cited by: The European Commission issued a proposal for a Council directive amending directive //EC as regards rates of value added tax applied to books, newspapers and periodicals.

The proposal is part of the VAT digital single market package, which, in addition to the proposal on e-publications, contains legislative initiatives that aim to. The European Union value-added tax (or EU VAT) is a value added tax on goods and services within the European Union (EU). The EU's institutions do not collect the tax, but EU member states are each required to adopt a value added tax that complies with the EU VAT code.

Different rates of VAT apply in different EU member states, ranging from 17% in Luxembourg to 27% in Hungary. Article (c) VAT Directive: VAT is due on intra-EU acquisition of goods; VAT arises in the EU country of the acquisition of goods; Acquired goods are used for the activities giving rise to deduction.

Transactions treated as EU- acquisitions Article (d) VAT Directive: VAT is due on a deemed intra-EU acquisition of goods: Article Furthermore, Maltapost will also be accepting the used VAT fiscal receipt books.

Please provide a valid e-mail address (if you have) so that you will be notified to collect the fiscal receipt book/s from the selected Malta Post branch. If no e-mail is provided, you will receive a notification by post.

Title: Review of the book Financial Activities in European VAT, O. Henkow, Published in: British Tax Review, (4), - ISSN   The International Publishers Association (IPA) and the Federation of European Publishers (FEP) have released a report detailing the VAT rates on print and digital books around the world, which “reveals wide contrasts between print and digital, as well as between nations and between regions.”.

Among the key findings: Denmark applies the highest VAT rate on printed books (25%). NACE is the “statistical classification of economic activities in the European Community”1 and is the subject of legislation at the European Union level 2, which imposes the use of the classification uniformly within all the Member States.

Ensuring that European VAT law is fit and proper for the modern business environment and can respond to current challenges. The motivation for the Commission proposal (which was ultimately abandoned) still holds true and has become more urgent. The VAT liability of financial services transactions continues to be governed by the VAT.

The EU's Economic and Financial Affairs Council (Ecofin) today (2nd October) agreed on a proposal which will allow all member states to give e-books and audiobooks the same VAT.

The Value Added Tax Act Cap V1 LFN (as amended) imposes a tax known as Value Added Tax (VAT) on taxable goods and services. of and engage in banking and financial activities as. Today all European Union members must levy VAT on sold goods and services of at least 15 percent, but member states are left to set their own rates which vary from 17 percent in Luxembourg to 27 percent in Hungary.

Today, a total of countries around the world collect VAT on goods and services, largely because it has a number of benefits. Intermediation of Insurance and Financial Services in European Vat.

Next. Intermediation of Insurance and Financial Services in European Vat. Posted on by zelut. Insurance Intermediation Activities And Insurance - Mondaq. In JDI International [] UKFTTthe VAT incurred on tools was found to be used in the non-economic activity of VAT focus VAT deduction and non-economic activities: art or science.

Speed read Not only exempt supplies lead to a VAT cost. Non-economic activities can too. Once thought the preserve of charities and. Since the European Council agreed to allow member states to apply a reduced VAT rate to electronic publications in October (1), VAT rates for eBooks have changed fast in EU countries.

has witnessed several VAT rate updates for e-publications where numerous countries have reduced the levy on eBooks, so in order to clarify the current situation we provide the following summary with.

Value Added Tax (VAT) is a consumption tax that is applied to nearly all goods and services that are bought and sold for use or consumption in the EU (In this case, the 27 EU member states + the UK (until the end of the transition period).). The EU has standard rules on VAT, but these rules may be applied differently in each EU most cases, you have to pay VAT on all goods and.

EU Publications. EU Publications is an online library of publications from the institutions and other bodies of the European Union.

Search the EU Publications. Activities of the European Union. General Report on the activities of the European Union; EU at a glance, by topic; By institution. European Parliament; Council of the European Union.the European Union 1, as well as a number of other countries.

Knowledge of the VAT system is an important consideration for companies based in Europe, as well as companies from outside of Europe that import, buy and sell goods, or render services in or to Europe. Every Member State of the European Union has a VAT framework.

The laws establishing.EEA Agreement. The VAT Directive and other acts on taxation have therefore not been incorporated into the EEA Agreement. • Articles 14 and 15 EEA agreement refer to non-discrimination based on nationality.

By way of example, there is a court case from the EFTA Court in which Iceland had put higher VAT on foreign books than on domestic books.