CFE Opinion Statement on the VAT Rules for FSI

Further to the consultation on the VAT rules for Financial Services and Insurance, CFE Tax Advisers has published an Opinion Statement which was submitted to the European Institutions on 3 May 2021.

In the CFE’s view, whilst the current VAT exemption works well in general in the sector, the non-application of the cost sharing exemption to the sector, pursuant to CJEU case-law, and the issues with VAT grouping, particularly on transactions between Member States, are not ideal.