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 2013/05

  • European Union
    - ECJ rules on VAT treatment of ‘silent’ contracts (Tulică and Plavoşin, C-249/12 and C-250/12)
    - ECJ rules on VAT deduction in case of non-supply (Menidzherski biznes reshenia C572/11)
    - Interest due if VAT refund is unfairly denied (Rafinăria Steaua Română, C-431/12)
    - Issue of discount cards not VAT exempt (Granton Advertising, C-461/12)
    - ECJ rules on VAT and fraudulent use of credit cards (Dixons Retail plc, C-494/12)
    - Questions to ECJ if the management of real estate funds are exempt as being the management of special investment funds
    - Commission’s proposal for standard VAT return
  • Austria: Draft amendment of the Austrian VAT guidelines
  • Belgium: Extension of transitional tax point regime by one year
 
  • Germany
    -
    Exemption of advisory services concerning investment in transferable securities
    - Payments by manufacturers/retailers to auto banks and other financing institutions in the course of financing or leasing businesses as well as consumer credits
  • Ireland: Budget 2014
  • Luxembourg: Exemption of risk management for funds
  • The Netherlands
    - VAT grouping requirements relaxed?
    - Cost sharing exemption for pension administration services will be abolished
  • Norway: Budget for 2014
  • Poland: Increased VAT rates apply until 2016
  • Portugal: 2014 State Budget proposal
  • Russia: Tax agents potentially liable for withholding tax on cross-border payments
  • Slovakia: Changes in VAT compliance obligations
 
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Issues in Edition 2013/04

  • European Union
    - A business whose principal establishment is in a Member State, is not allowed to take the income of other fixed establishments into account when determining their VAT deductible proportion (Crédit Lyonnais, case C-388/11)
    - EU Council Legal Service issues opinion that EU FTT contravenes EU law
  • Belgium: VAT exemption for lawyers to be abolished from 1 January 2014 
  • Denmark: VAT and Portfolio Management – the VAT liability depends on the mandate of the portfolio manager
  • Finland: VAT exemption on financial services does not apply to factoring
  • Germany: Fund management exemption following transposition of AIFM Directive
  • Italy
    - Transitional rules for 1 October VAT rate increase
    - The latest FTT guidance – clarity at last?
  • Latvia: VAT proposals for 2014
 
  • Luxembourg: Extension of the VAT exemption to the management of Alternative Investment Funds further to the implementation of the AIFM Directive
  • The Netherlands
    - Proposed abolition of VAT deemed self-supply (‘integratielevering’)
    - New decree for VAT and real estate
  • Norway: Amended fiscal representative rules effective 1 July 2013
  • Portugal
    - New annexes to periodic VAT returns
    - Tax authority ruling on VAT invoicing obligations
  • Romania: ECJ referrals on VAT treatment regarding 'silent contracts'
  • Russia: VAT exemption for financial services extended
  • Slovakia: Proposed changes to the Slovak VAT Act
  • United Kingdom
    - Tax transparent funds and VAT
    - Policy change on investment management VAT exemption
 
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Issues in Edition 2013/03

  • European Union
    - ECJ decides that employer can possibly reclaim the VAT on costs for the management of the company’s pension fund (PPG Holdings, case C-26/12)
    - ECJ’s views on VAT incurred on disposal of partial shareholding in company (X BV, case C-651/11)
    - ECJ on ‘economic reality’ in offshore brokerage case (Paul Newey t/a Ocean Finance, case C-653/11)
    - Member States to trial cross-border VAT rulings
    - Questions to CJEU on cross-border inter-company recharges (Skandia America Corporation USA, case C-7/13)
    - EU FTT – Will the Commission’s proposal survive? 
  • France: Questions to ECJ on VAT liability of sums paid by healthcare insurers (Le Rayon d’Or SARL, case C-151/13)
  • Germany: Questions to ECJ on costs of transferring client base to new partnership
  • Greece: Direct VAT registration now possible for EU businesses
  • Hungary: Financial transaction tax in Hungary from 1 January 2013
 
  • Italy
    - New obligation to issue electronic invoices to public bodies
    - Effective date of taxation of individual portfolio management services
  • Luxembourg: Tax authorities on calculation of input VAT deductible proportion for partially exempt business
  • Poland
    - Services covering management regarding negotiable financial instruments can benefit from VAT exemption
    - Polish Minister of Finance issues a general interpretation regarding ECJ ruling on leased object insurance service
    - Administrative activities related to provision of financial services cannot benefit from VAT exemption
    - If members of a tax capital group apply transaction prices which are significantly lower than the market value of a service, tax authorities are obliged to assess the VAT tax base of this service
  • Portugal: Questions to the ECJ on financial leasing pro-rata
  • United Kingdom
    - Tax authority comments on VAT treatment of pension’s advisory services
    - VAT exemption for management of authorized contractual schemes
    - VAT refunds chargeable to corporation tax
    - Supreme Court rules in car repair VAT planning case
    - Tribunal rules ticket booking fees VAT exempt
 
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Issues in Edition 2013/02

  • European Union
    - VAT on Directors’ legal fees not recoverable by the company (Wolfram Becker, case C104/12)
    - Outsourced investment management services can be VAT-exempt (GfBk Gesellschaft für Börsenkommunikation GmbH, case C-275/11)
    - Management of ‘defined benefit’ pension scheme not VAT exempt (Wheels Common Investment Fund Trustees Ltd, case C-424/11)
    - Advocate General concludes that pro-rata calculation should exclude out-of-country income (Le Crédit Lyonnais, case C-388/11)
    - Questions to CJEU on cross-border inter-company recharges (Skandia America Corporation USA, case C-7/13)
    - CJEU dismisses action in VAT grouping cases (Commission v. Ireland, case C-85/11 and others)
  • Denmark
    - VAT reclaim opportunity on portfolio management
    - Right to deduct VAT depends on having a correct invoice
  • Italy: ‘Omitted payment’ penalties if head of VAT Group has not provided a bank guarantee
 
  • Netherlands:
    - VAT invoicing requirements effective 1 January 2013
    - ‘Top holding companies’ can be part of a VAT group
  • Poland
    - Assistance services acquired by an insurance company to ensure medical care outside Poland should be VAT exempt
    - Services provided by a broker to an insured in obtaining compensation from the insurance company should not be VAT exempt
    - Damage liquidation services should be VAT exempt
  • Spain
    - New invoicing obligations as from 1 January 2013 with direct impact on formalities of financial transactions
    - The Spanish General Directorate of Taxation changes the interpretation on the portfolio management VAT exemption
  • United Kingdom
    - VAT group representative member not entitled to refund
    - Appeal court denies VAT recovery in corporate acquisition case
    - Insurance broker network membership fees liable to VAT
 
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Issues in Edition 2013/01

  • 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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