As set out in its July Action Plan(see EUROPE B12528A2), the European Commission intends to present a legislative package at the end of 2021 to change the value added tax (VAT) rules with regard to the treatment of financial and insurance services, according to a roadmap published on Thursday 22 October.
In the Commission’s view, the rules need to be revised as they date from 1977 and have become largely obsolete. It is also a question of dealing with the implications of the 2017 rulings...