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“The Impact of Value Added Tax on Financial Services and Insurances – The Law of Unintended Consequences?

“The Impact of Value Added Tax on Financial Services and Insurances – The Law of Unintended Consequences?

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About this Event

30 Apr 2007

“The Impact of Value Added Tax on Financial Services and Insurances – The Law of Unintended Consequences?

About the Speech:

Arthur Kerrigan, Head of the Section dealing with VAT policy at DG TAXUD, European Commission, addressed members on “The Impact of Value Added Tax on Financial Services and Insurances – The Law of Unintended Consequences?.

Mr Kerrigan argues that for largely pragmatic reasons, the EU VAT system exempts most mainstream financial services including insurances and investment fund management. This however means that suppliers of these services are unable to recover the tax they pay on their inputs. The consequence is that this non-recoverable VAT is a tax borne by these industries, contributing significant tax revenue for national treasuries. The relevant provisions in the VAT Directive, having never been revisited legislatively since their adoption in 1977, are now outdated. A modernising proposal is due to come out from the Commission towards the end of this year, which will address the above issues, but there is a risk that if this is treated in a narrow context, the importance of the revenue raising aspects will overwhelm all others. Mr Kerrigan\'s presentation examined the efficiency and international competitiveness aspects of the proposal.

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About the Speaker:

Arthur Kerrigan is a graduate of Trinity College Dublin and works for the European Commission in Brussels where he is head of sector for VAT on international services.

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