A New Approach To Taxing Financial Intermediation Services Under A Value Added Tax
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A New Approach To Taxing Financial Intermediation Services Under A Value Added Tax
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Author : Mr.Howell H. Zee
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2004-07-01
A New Approach To Taxing Financial Intermediation Services Under A Value Added Tax written by Mr.Howell H. Zee and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-07-01 with Business & Economics categories.
This paper contains a proposal (referred to as the "modified reverse-charging" approach) to tax financial intermediation services under a VAT. At the heart of the proposal is the application of a reverse charge that shifts the collection of the VAT on deposit interest from depositors to banks, in conjunction with the establishment of a franking mechanism managed by banks that effectively transfers the VAT so collected to borrowers as credits against the VAT on their loan interest on a transaction-by-transaction basis. The proposal is fully compatible with an invoice-credit VAT and is capable of delivering the correct theoretical result at minimal administrative costs.
A New Approach To Taxing Financial Intermediation Services Under A Value Added Tax
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Author : Howell H. Zee
language : en
Publisher: International Monetary Fund
Release Date : 2004-07
A New Approach To Taxing Financial Intermediation Services Under A Value Added Tax written by Howell H. Zee and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-07 with Business & Economics categories.
This paper contains a proposal (referred to as the "modified reverse-charging" approach) to tax financial intermediation services under a VAT. At the heart of the proposal is the application of a reverse charge that shifts the collection of the VAT on deposit interest from depositors to banks, in conjunction with the establishment of a franking mechanism managed by banks that effectively transfers the VAT so collected to borrowers as credits against the VAT on their loan interest on a transaction-by-transaction basis. The proposal is fully compatible with an invoice-credit VAT and is capable of delivering the correct theoretical result at minimal administrative costs.
Taxing The Financial Sector
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Author : Mr.Howell H. Zee
language : en
Publisher: International Monetary Fund
Release Date : 2004-04-16
Taxing The Financial Sector written by Mr.Howell H. Zee and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-04-16 with Business & Economics categories.
One of the most complex issues in tax policy today is the treatment of the institutions, products, and services that make up the financial sector. It can be harder to ascertain income, expenses, and profits for financial firms than for firms selling goods and services, and it is easier for individuals and firms to manipulate financial transactions so as to exploit tax loopholes. This volume explores the challenges faced by tax policymakers and identifies modern best practices in several areas: banks, insurance companies, securities companies, investment funds, pension funds, and derivatives.
Value Added Tax
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Author : Alan Schenk
language : en
Publisher: BRILL
Release Date : 2022-10-17
Value Added Tax written by Alan Schenk and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-17 with Law categories.
Vat And Financial Services
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Author : Robert F. van Brederode
language : en
Publisher: Springer
Release Date : 2017-03-06
Vat And Financial Services written by Robert F. van Brederode and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-06 with Law categories.
This book explains the theoretical and policy issues associated with the taxation of financial services and includes a jurisdictional overview that illustrates alternative policy choices and the legal consequences of those choices . The book addresses the question: how can financial services in an increasingly globalized market best be taxed through VAT while avoiding economic distortions? It supports the discussion of the key practical problems that have arisen from the particular complexity of the application of VAT to financial services, and allows for the evaluation of best practice by comparing the major current reform models now being implemented.
Intermediation Of Insurance And Financial Services In European Vat
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Author : Claus Bohn Jespersen
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2011-01-01
Intermediation Of Insurance And Financial Services In European Vat written by Claus Bohn Jespersen and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Law categories.
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.
Administering The Value Added Tax On Imported Digital Services And Low Value Imported Goods
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Author : John Brondolo
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-21
Administering The Value Added Tax On Imported Digital Services And Low Value Imported Goods written by John Brondolo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-21 with Business & Economics categories.
This technical note and manual (TNM) addresses the following questions: (1) What are the main challenges in administering the value-added tax on imported digital services and the measures that countries have introduced to address the challenges?; (2) What are the main challenges in administering the value-added tax on low-value imported goods and the measures that countries have introduced to address the challenges? ;and (3) What are the key tasks in implementing the measures for improving the administration of the value-added tax on imported digital services and low-value imported goods?
Financial Sector Taxation
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Author : [Anonymus AC08741538]
language : en
Publisher:
Release Date : 2010
Financial Sector Taxation written by [Anonymus AC08741538] and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
"The global economic and financial crisis has created important needs for fiscal consolidation. This document analyses potential instruments to raise additional tax revenues from the financial sector. The first section reviews the current policy objectives related to the taxation of the financial sector. The second section sheds some light on the current tax treatment of the financial sector. The third section discusses potential tax instruments to reach the goals. The fourth and fifth section respectively assess the advantages and drawbacks of a Financial Transaction Tax and a Financial Activities Tax."--Editor.
Value Added Tax
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Author : Alan Schenk
language : en
Publisher: Cambridge University Press
Release Date : 2007-01-22
Value Added Tax written by Alan Schenk and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-22 with Law categories.
This book integrates legal, economic, and administrative materials about value added tax. Its principal purpose is to provide comprehensive teaching tools - laws, cases, analytical exercises, and questions drawn from the experience of countries and organizations from all areas of the world. It also serves as a resource for tax practitioners and government officials that must grapple with issues under their VAT or their prospective VAT. 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. The authors have expanded the coverage to include new VAT related developments in Europe, Asia, Africa and Australia. A chapter on financial services has been added as well as an analysis of significant new cases.
Taxation Of Financial Intermediation
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Author : Patrick Honohan
language : en
Publisher: World Bank Publications
Release Date : 2003
Taxation Of Financial Intermediation written by Patrick Honohan and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
This book examines the options for, and obstacles to, successful financial sector tax reform, both in terms of theoretical and practical aspects. Issues discussed include: the design of optimal tax schemes, the role of imperfect information and the links between taxation and saving, inflation, the income tax treatment of intermediary loan-loss reserves, deposit insurance, VAT and financial transactions taxes; as well as current practice in the industrial world and case studies of distorted national systems. This is a co-publication of the World Bank and Oxford University Press.