The scope of application of the VAT exemption related to the services supplied to their members by independent groups of persons (“IGPs”) has been strictly limited by recent decisions of the Court of Justice of the European Union, seriously affecting European banks.
This case law will lead to a significant increase of the cost of supplies of services between companies active in the financial and insurance sector, since VAT will be applicable on such services and the above mentioned taxable persons usually only benefit from limited input VAT deduction rights. It is essential to secure the continued applicability of the IGP regime on the financial and insurance sectors. Therefore the EBF has sent a letter to the Commission to urge them to submit draft legislation to amend the VAT Directive to that effect.
We carried out a regulatory mapping exercise of crypto-assets that led to the conclusion that EU legislation would be needed in this area. We welcome the initial work done by central banks on assessing the merits of central bank digital currencies. #WEF20
The @EU_Commission intends to propose 🇪🇺 legislation later this year on a common approach to crypto-assets, including stablecoins. We need to act quickly. Already launched a public consultation on how these rules should look, everybody can contribute. It is open until 19 March‼️
It was a pleasure to share the stage with @blackrock CEO Larry Fink today! We had a great discussion about the role of the financial sector in tackling #inequality and #climate related risks. Watch it here: https://t.co/mHW5yMkLvx
The EBF is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.
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