ABI welcomes VAT modernisation
Following the announcement today of the European Commission’s latest proposals to modernise VAT rules on the supply of insurance and financial services, Sarah Knight, assistant director of Financial Regulation and Taxation at the Association of British Insurers, commented:
“Insurance companies in the UK and continental Europe will benefit from the modernising proposals announced today, a move away from the current system where uncertainty in the legislation has led to several complex ECJ cases.
“The changes will increase clarity, allowing firms to operate and plan more efficiently. This is especially true of firms with cross border operations who will be able to pool operations and share costs between group members without creating additional non-recoverable VAT
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