Intermediation of Insurance and Financial Services in European VAT

Author: Claus Bohn Jespersen
Publisher: Kluwer Law International
ISBN: 9789041137326
Release Date: 2011
Genre: Law

The current European VAT legislation encompassing insurance and financial services, including intermediation thereof, dates back to the adoption of the Sixth VAT Directive in 1977. The definitions do not, however, encompass the current complexity of insurance and financial transactions. This has resulted in considerable confusion for fiscal authorities and for businesses when deciding upon the application of the VAT exemption. As the correct VAT treatment has a significant economic impact on businesses, a great number of cases have been referred to the Court of Justice of the European Union. This is also the reason why the European Commission presented its proposal for the future treatment of insurance and financial services, including intermediation thereof, in November 2007. The political process has not yet been finalised and if the Commission s proposal is agreed upon, the question of understanding the definitions still exists. This book deals with the exemption for intermediation of insurance and financial services within European VAT. This implies analysing the methods of interpretation applied by the Court of Justice of the European Union when interpreting the provisions regarding insurance and financial services. Furthermore, the current definitions for intermediation of insurance and financial services as provided for in the VAT Directive are analysed and conclusions are made in order to define a single concept of intermediation. These analyses are followed by various practical scenarios from case law of the Member States concerning intermediation of insurance and financial services. Finally, comments based on the analyses carried out are given on the European Commission s proposal for amending the VAT Directive and the accompanying Regulation regarding intermediation of insurance and financial services."

The Rise of the Value Added Tax

Author: Kathryn James
Publisher: Cambridge University Press
ISBN: 9781107044128
Release Date: 2015-04-30
Genre: Business & Economics

Explores how the value-added tax (VAT) has risen from relative obscurity to become one of the world's most dominant revenue instruments.

VAT GST in a Global Digital Economy

Author: Michael Lang
ISBN: 9041159525
Release Date: 2015
Genre: Business enterprises

Indirect taxation is increasing in prominence worldwide. In times of international company tax competition, such forms of indirect taxation as value added tax (VAT) and goods and services taxes (GST) are particularly advantageous as sources of tax revenue on account of their broad base and non-distortion of competition in the chain of companies. In addition, the far-reaching changes in tax regimes wrought by these shifts are happening in direct parallel with the equally transformative digitalization of the economy, creating unprecedented difficulties for tax authorities worldwide and also for lawyers who must combine knowledge of the intricacies of indirect taxation with ever-changing digital ways of conducting business.

Fiscal Sovereignty of the Member States in an Internal Market

Author: Jacobus Johannes Maria Jansen
Publisher: Kluwer Law International
ISBN: 9789041134035
Release Date: 2011
Genre: Business & Economics

Although EU Member States have retained national sovereignty in tax matters, a consistent line of decisions by the European Court of Justice requires them to exercise these powers consistent with superseding Community law. In other words, the Member States are not wholly autonomous. This in turn creates serious tensions. This timely resource covers a variety of critical issues, including the current and possible future effects of the internal market on the fiscal sovereignty of Member States; the limits that European law imposes on Member States' policy sovereignty in matters of international tax law; the effect of European law on taxes levied by local authorities; and the consequences the Treaty of Lisbon may have for Member States' fiscal sovereignty.

Limitation on Benefits Clauses in Double Taxation Conventions

Author: Félix Alberto Vega Borrego
Publisher: Kluwer Law International
ISBN: 9789041123701
Release Date: 2006
Genre: Law

In accordance with Article 22 of its 1996 Model Treaty, most double taxation conventions entered into by the United States contain a number of rules called limitation on benefits clauses, the purpose of which is to prevent the application of the benefits of the treaties to treaty shopping structures. Following the changes in the Commentaries on Article 1 of the OECD Model Tax Convention in 2003, a number of clauses similar to those provided in the United States Model Treaty have been included. In this study, the legal framework and application of these rules is analysed in depth, and particularly, taking into account those rules included in the double taxation conventions concluded between the United States and European Union member states. In this respect, the compatibility of these rules with European Community Law is also analysed in the last chapter. This study is based on the authors doctoral thesis, which was awarded the prize for the best doctoral thesis on financial and tax law by the Spanish Instituto de Estudios Fiscales (Ministerio de Economia y Hacienda) in 2002.

Double Non Taxation and Eu Law

Author: Christoph Marchgraber
Publisher: Kluwer Law International
ISBN: 904119410X
Release Date: 2017-11-13
Genre: Law

Double (Non-)Taxation and EU Law provides a comprehensive analysis of EU law's impact on double taxation and double non-taxation. Everywhere new tax rules are under development to engage with the ever-increasing complexity and sophistication of aggressive tax planning and to reverse the tax base erosion it leads to. The most prominent initiative in this context is the Base Erosion and Profit Shifting (BEPS) project of the OECD. Although the European Commission and the OECD's BEPS project have been a hot topic for some time, and double non-taxation being among the main issues the BEPS project intends to address, there has been little discussion of the effect of EU law on their implementation. This book aims to remedy that omission by addressing this crucial subject and its practical impact. What's in this book: Among the issues dealt with in the course of the analysis are the following: locating the gaps and inconsistencies among domestic tax systems exploited by taxpayers; hybrid mismatch arrangements as a prime example of double non-taxation; political efforts undertaken within the EU in order to address double taxation and double non-taxation; double non-taxation in the European VAT system; the convergence of the fundamental freedoms and the State aid rules; the ECJ's dilemma concerning juridical double taxation; the deviating approach with regard to economic double taxation; the potential impact of the ECJ's case law on the EU law compatibility of double non-taxation. The tax jurisprudence of the ECJ is referred to and comprehensively analysed throughout the book. The final chapter provides an outlook on possible developments in the future. How this will help you: Focusing on the fundamental freedoms and the State aid rules of the EU, this book thoroughly explains the nature of double non-taxation from an EU law perspective, its relation to double taxation, and the impact of EU law on these phenomena. Thus, this book serves as a navigator in light of the ongoing implementation of BEPS measures. As a giant step towards greater legal certainty in this challenging area of tax law, this book is a practical handbook for tax authorities, scholars, and tax practitioners across Europe and even beyond.

Value Added Tax

Author: Alan Schenk
Publisher: Cambridge University Press
ISBN: 9781316213988
Release Date: 2015-02-02
Genre: Law

This book integrates legal, economic, and administrative materials about the value added tax (VAT) to present the only comparative approach to the study of VAT law. The comparative presentation of this volume offers an analysis of policy issues relating to tax structure and tax base as well as insights into how cases arising out of VAT disputes have been resolved. Its principal purpose is to provide comprehensive teaching tools - laws, cases, analytical exercises, and questions drawn from the experience of countries and organizations around the world. This second edition includes new VAT-related developments in Europe, Asia, Africa, and Australia and adds new chapters on VAT avoidance and evasion and on China's VAT. Designed to illustrate, analyze, and explain the principal theoretical and operating features of value added taxes, including their adoption and implementation, this book will be an invaluable resource for tax practitioners and government officials.

VAT Exemptions

Author: Rita de La Feria
ISBN: 9041132767
Release Date: 2013
Genre: Business & Economics

This book is the only in-depth analysis of VAT to focus on exemptions as a whole. Ten insightful chapters by economists, lawyers, legal academics, and government tax advisors from a wide variety of jurisdictions grapple with the essential questions: Are VAT exemptions desirable? Are they avoidable? Are alternative legal designs possible? Are such alternatives necessary? What new problems do such designs give rise to? The authors emphasize in particular the design alternatives to exemptions that characterize modern VAT and the newly proposed post-modern VAT, both those that are already in operation in some countries and others that have not yet been attempted anywhere in the world. Among the core issues discussed are the following: out-of-scope supplies and suppliers; merit or concessional exemptions for, e.g., charities, healthcare, cultural activities, and education services; and technical exemptions applied to, e.g., gambling, immovable property, financial and insurance services. The book s high-calibre contributions provide a firm foundation for productively carrying the debate forward on traditional European-style VAT vs. modern VAT approaches. Most obviously, the book admirably meets the ongoing need of tax practitioners to assess VAT-related opportunities and pitfalls in order to properly safeguard the interests of their clients. It will also be greatly appreciated by tax counsel, financial services providers, and interested government officials, as well as by academics, students, and researchers in tax matters worldwide."

Transfer Pricing in the US

Author: Felix I. Lessambo
ISBN: 9041191968
Release Date: 2017
Genre: Law

This concise, practical guide to the latest issues in the rapidly evolving legal regime on transfer pricing in the US context fills the need to gain a firm grasp of transfer pricing rules and practice for corporate counsel and practitioners worldwide, enabling them to prepare compliant solutions and strategies and avoid pitfalls. The book begins with a general introduction to transfer pricing and then discusses the current OECD's Transfer Pricing Guidelines, which form the basis for most transfer pricing rules around the world. The book describes in detail the approved methods for tangible and intangible property, cost sharing, services and the best method rule. Then the book discusses functional analysis for the various methods, including the necessary documentation and penalty rules. This book is an indispensable resource for practitioners and academics, and it will be very useful to state tax authorities.

Understanding America

Author: Peter H. Schuck
Publisher: PublicAffairs
ISBN: 9780786745487
Release Date: 2009-04-07
Genre: History

The idea of an exceptional America remains controversial. In this dazzlingly comprehensive collection of essays, some of the nation's best scholars and thinkers take on the weighty task of sizing up Goliath in a way Americans and others can comprehend. These twenty studies in American exceptionalism provide a solidly researched and in-depth analysis on the current state of our institutions, our values, and our challenges for the future.

Comparative Tax Law

Author: Victor Thuronyi
Publisher: Kluwer Law International
ISBN: 9789041199232
Release Date: 2003
Genre: Law

Although the details of tax law are literally endless, differing not only from jurisdiction to jurisdiction but from day to day, shared structures and currents exist across tax systems that can be learned and understood with relative ease. This book focuses on these essential patterns. Focusing on the key differences in tax systems, Thuronyi's "Comparative Tax Law" pulls together valuable material which at present is scattered over a disparate literature, much of which is not available in English. The author's clear identification of the underlying currents and fundamental structures that all tax systems have in common, and of where the differences lie, guides the reader to the best resources and provides a solid foundation for understanding the more detailed literature. Pointed questions for research throughout the presentation are of enormous help in this regard, as are numerous footnotes and an extensive bibliography.

EC Tax Law

Author: Paul Farmer
Publisher: Oxford University Press
ISBN: 9780198257646
Release Date: 1994
Genre: European communities

This book provides a detailed and extensive survey of EC tax legislation and case law. Accordingly, it deals at some length with the legislation and case law on VAT (which is almost completely harmonized at the EC level) and excise duties. It also covers the recent legislation on company taxation, concentrating in particular on the Parent-Subsidiary Directive. A distinctive feature of the book is the detailed analysis of the legislation and its interpretation by the European Court. The book also contains an analysis of the impact of the tax sphere of the provisions of the EC Treaty, including Article 95 on the prohibition of fiscal discrimination against EC goods and the treaty articles on the free movement of persons, services, and capital. With the generalist lawyer in mind, the book contains an introduction to VAT and to the basic principles of company taxation. Since the focus of the book is EC and the language of the international tax world is English, the book should have an appeal for tax and EC lawyers throughout the EC, including the new entrant states.

WTO and Direct Taxation

Author: Michael Lang
Publisher: Kluwer Law International
ISBN: 9789041123718
Release Date: 2005
Genre: Law

WTO Law and Direct Taxation are linked in numerous ways. The WTO Agreements, thereof especially the GATT and GATS Agreements, contain several explicit provisions on the subject of direct taxes or even on its delimitation from Tax Treaty Law. To some extent, the scope of application of WTO Law has been broadened by case law to comprise also direct taxes. This entails overlappings particularly with regard to the law of subsidies, prohibitions of discrimination, and most-favoured-nation obligations. This book highlights increasingly relevant interdependencies between WTO Law and Direct Taxation from the viewpoint of 21 States. Special emphasis is placed on the conformity of national taxes on profits with WTO Law as well as on specifics of interpretation in several Member States. 21 National Reports from nearly all EU countries as well as Colombia, Israel, New Zealand, Norway and the USA dealt with this topic and were compiled and published in this volume. Additionally, a General Report prepared by Servatius van Thiel summarises the results of the National Reports. Moreover, experts in this field joining the Conference among them Reuven Avi-Yonah, Michael Lennard and Raymond Luja have volunteered contributions dealing with specific problems of WTO and Direct Taxation.