Brussels, 16/03/2006 (Agence Europe) - On 9 June 2006 the Commission launched an on-line consultation on Community legislation on Value Added Tax (VAT) applied to financial services and insurance, as it had announced in October in a communication on customs and tax policies in the relaunch of the Lisbon Strategy (EUROPE 9057). In collaboration with the European Banking Federation, it is organising a conference on 11 May in Brussels on modernisation of rules in this area. In its consultation document, the Commission presents difficulties arising from an inadequate framework for regulation, namely Directive 77/388/ECC or the sixth VAT directive, with gradual integration of the EU financial markets It divides these difficulties into four areas: - the definition of exempted services, hidden VAT in services between companies liable to tax, the calculation of the amount of VAT that can be deducted, and the specific interests of economic operators and Member States.