EU Case Alert: CJEU deals a VAT blow to FS Businesses (DNB Banka / Aviva)
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1) Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL) that provides assurance, tax, and advisory services. 2) GTIL and its member firms are separate legal entities and are not liable for each other's acts or omissions. 3) This publication is intended as guidance only and Grant Thornton accepts no responsibility for any loss resulting from reliance on its content.
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Case Alert Aviva - Advocate General's opinion
This document summarizes an opinion issued by an Advocate General of the Court of Justice of the European Union regarding the operation of cost sharing groups under EU VAT law. The Advocate General confirmed that in her view, the cost sharing group exemption is not available to businesses operating in different countries or those providing insurance services under Article 135 of the VAT Directive. The full court is still to issue its judgment in this case and the earlier DNB Banka case to determine whether VAT law imposes such restrictions.
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The Advocate General issued opinions in two cases relating to the operation of cost sharing groups under VAT Directive Article 132(1)(f). In both cases, the Advocate General concluded that the cost sharing exemption is not available to businesses providing financial or insurance services. Additionally, the Advocate General opined that the three-year cap on VAT claims in the UK does not violate the principle of equal treatment under EU law by having different start dates for output and input VAT claims.
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The First-tier Tax Tribunal issued two important decisions. The first concerned whether services provided by two companies took place in the UK or outside based on place of supply rules. The Tribunal concluded the companies had a fixed establishment in the UK, so supplies were in the UK and subject to UK VAT. The second concerned whether the customer in an insurance agency case was the insurer or insured person. Based on the contract, the Tribunal found the customer was the insurer. Finally, HMRC announced plans to extend the disclosure regime for tax avoidance schemes to VAT and indirect taxes in September 2017.
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This document summarizes an opinion issued by Advocate General Kokott of the Court of Justice of the European Union regarding the application of the VAT exemption for cost sharing groups. The Advocate General opined that (1) a loose group of companies cannot be considered a cost sharing group under the Directive, (2) a cost sharing group's membership cannot include companies established in different countries, and (3) the exemption may not apply to groups supplying financial services. The opinion does not bind the full court but, if upheld, would significantly limit the availability of the cost sharing group exemption.
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UK Case Alert: HMRC v DPAS Ltd (Upper Tribunal)
Transactions relating to payments or transfers of money are specifically exempted from VAT by the Principal VAT Directive. The questions in this case were whether DPAS supplied services to patients and, if so, whether they were exempt from VAT under this particular heading.
The CJEU issued a judgment in 2010 in a similar case (Axa Denplan) which ruled that the services were not exempt transactions but were, instead, debt collection services which were subject to VAT.
DPAS' response to Axa Denplan was to alter its business model to ensure that its services were supplied to the patients and could not, therefore be regarded as debt collection.
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The document summarizes a Supreme Court case ruling regarding whether a company called Airtours was entitled to recover VAT paid on professional services. The Supreme Court ruled by a 3-2 majority that the services were supplied to financial institutions that commissioned the work, not Airtours, even though Airtours paid for them. Therefore, Airtours could not claim the VAT as input tax. The case involved many years of legal proceedings to determine who exactly the services were supplied to for VAT purposes.
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Case Alert Aviva - Advocate General's opinion
This document summarizes an opinion issued by an Advocate General of the Court of Justice of the European Union regarding the operation of cost sharing groups under EU VAT law. The Advocate General confirmed that in her view, the cost sharing group exemption is not available to businesses operating in different countries or those providing insurance services under Article 135 of the VAT Directive. The full court is still to issue its judgment in this case and the earlier DNB Banka case to determine whether VAT law imposes such restrictions.
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Case Alert - DNB Banka AS - Advocate General's Opinion
This document summarizes an opinion issued by Advocate General Kokott of the Court of Justice of the European Union regarding the application of the VAT exemption for cost sharing groups. The Advocate General opined that (1) a loose group of companies cannot be considered a cost sharing group under the Directive, (2) a cost sharing group's membership cannot include companies established in different countries, and (3) the exemption may not apply to groups supplying financial services. The opinion does not bind the full court but, if upheld, would significantly limit the availability of the cost sharing group exemption.
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The Advocate General issued an opinion that playing Bridge is a sport for VAT purposes and should qualify for VAT exemption. The Upper Tribunal ruled that voluntary overpayments for parking are subject to VAT. The First-tier Tribunal found that differing VAT treatment of welfare services providers in the UK and EU violates neutrality and the UK law is invalid.
UK Case Alert: HMRC v DPAS Ltd (Upper Tribunal)
Transactions relating to payments or transfers of money are specifically exempted from VAT by the Principal VAT Directive. The questions in this case were whether DPAS supplied services to patients and, if so, whether they were exempt from VAT under this particular heading.
The CJEU issued a judgment in 2010 in a similar case (Axa Denplan) which ruled that the services were not exempt transactions but were, instead, debt collection services which were subject to VAT.
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The document summarizes a Supreme Court case ruling regarding whether a company called Airtours was entitled to recover VAT paid on professional services. The Supreme Court ruled by a 3-2 majority that the services were supplied to financial institutions that commissioned the work, not Airtours, even though Airtours paid for them. Therefore, Airtours could not claim the VAT as input tax. The case involved many years of legal proceedings to determine who exactly the services were supplied to for VAT purposes.
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The issue in this case is whether Airtours was entitled to recover VAT as input tax that it had paid on the supply of professional services. The issue seems quite a simple one but the matter has taken many years to resolve.
The Supreme Court has decided by a majority of 3 to 2 that the professional services were not supplied to Airtours but were supplied to the financial institutions that commissioned the work.
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Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd, which provides assurance, tax, and advisory services through independent member firms around the world. While the member firms collaborate and refer business to one another, each member firm operates as a separate legal entity and is not liable for other member firms' actions or omissions. This publication is intended as guidance only and Grant Thornton UK LLP accepts no responsibility for any actions taken based on its contents.
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1) Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL) that provides assurance, tax, and advisory services.
2) GTIL and its member firms are separate legal entities and are not liable for each other's acts or omissions.
3) This publication is intended as guidance only and Grant Thornton cannot be held responsible for any losses resulting from relying on information in this document.
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2. Brief 19/2015 announces that HMRC will make partial VAT refunds to qualifying golf clubs that overpaid VAT on green fees, refunding 33-50% of valid claims depending on green fee prices. This is an interim measure pending the outcome of ongoing litigation.
3. The Upper Tribunal ruled
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Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL), an international organization that provides assurance, tax, and advisory services. However, GTIL and each of its member firms (including Grant Thornton UK LLP) are separate legal entities - they are not a worldwide partnership and do not have agency relationships where one firm is liable for another's acts or omissions. Grant Thornton UK LLP published this disclaimer to clarify its independent legal status within the broader Grant Thornton organization.
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The Supreme Court referred the VWFS case to the European Court of Justice to determine if VAT incurred on overheads can be apportioned between taxable and exempt supplies under EU law. The Advocate General issued opinions in two other cases. In the first case, the AG found that importers may be entitled to duty refunds going back three years if goods were later found faulty. In the second case, the AG disagreed with a previous opinion and found that banks and insurers could form cost sharing groups for VAT purposes.
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The issue in this case is whether Airtours was entitled to recover VAT as input tax that it had paid on the supply of professional services. The issue seems quite a simple one but the matter has taken many years to resolve.
The Supreme Court has decided by a majority of 3 to 2 that the professional services were not supplied to Airtours but were supplied to the financial institutions that commissioned the work.
The fact that Airtours paid for the services under the terms of an agreement it had signed with the institutions did not mean that it was entitled to reclaim the VAT charged as input tax.
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1) Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL) that provides assurance, tax, and advisory services.
2) GTIL and its member firms are separate legal entities and are not liable for each other's acts or omissions.
3) This publication is intended as guidance only and Grant Thornton cannot be held responsible for any losses resulting from relying on information in this document.
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The Court of Justice ruled against Bookit Ltd and the National Exhibition Centre (NEC) in two cases involving VAT exemption on card handling and payment processing fees. The Court determined that the taxpayers' actions in processing card payments and exchanging payment information did not constitute a financial service under the VAT Directive since they did not directly debit or credit accounts. As a result, the fees were subject to VAT rather than exempt. This ruling went against the taxpayers' arguments and means they and other businesses must pay VAT on similar card handling income.
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- The Companies and Allied Matters Act 1990 and Bankruptcy laws govern insolvencies and reorganizations. A company or person is insolvent if unable to pay debts over certain thresholds.
- The Federal High Court hears insolvency proceedings. Insurance companies and banks have their own specialized insolvency regulations.
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The CJEU also ruled in a case from Slovakia that when a supplier issues supplementary VAT invoices to correct an underpayment of VAT, the time limit for claiming VAT refunds should run from the date of the supplementary invoices, not the original supplies.
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1. Brief 18/2015 provides guidance on VAT treatment of supplies between establishments in different EU countries in light of the Skandia case. Supplies between a UK entity and an establishment in an EU country with Swedish-style VAT groups will be subject to the reverse charge in the UK or EU country.
2. Brief 19/2015 announces that HMRC will make partial VAT refunds to qualifying golf clubs that overpaid VAT on green fees, refunding 33-50% of valid claims depending on green fee prices. This is an interim measure pending the outcome of ongoing litigation.
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The Advocate General issued an opinion in an Irish case referred to the Court of Justice. The case concerned whether road tolls collected by the Irish National Roads Authority (NRA) should be subject to VAT. The Advocate General concluded that VAT is due, as where tolls can be collected by both public and private bodies, public bodies must be treated as taxable persons to prevent distortions of competition, even if the roads are different. The Court also heard a case on whether the British Film Institute supplies cultural services exempt from VAT. Finally, the Advocate General deemed that greenhouse gas emission allowances should be considered similar rights to intellectual property for place of supply VAT rules.
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2) The Court of Appeal ruled against ELS Group in claiming retrospective use of the staff-hire concession, agreeing with HMRC that the concession requires an election at the time.
3) The First-Tier Tax Tribunal ruled that a fulfillment house could not reclaim over £500,000 in import VAT because the imported goods did not belong to the fulfillment house but to the overseas suppliers.
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Aspiro SA provides claims handling services under a contract with an insurance company. The question to be resolved was whether the services it provided under that contract could properly be regarded as insurance transactions or insurance related services performed by insurance brokers and insurance agents.
If the answer was that they were to be so regarded then under the provisions of the VAT Directive, the services should benefit from VAT exemption. On the hand, if the services in question did not meet the definition, the services would be liable to VAT.
The CJEU considers that the claims handling services did not qualify for VAT exemption.
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Aviva's Road to Reform - reducing motor premiums by reforming the personal in...
The current motor insurance system is dysfunctional and has resulted in above-inflation premium rises for ordinary motorists.
The main reason for this is a disproportionate increase in minor bodily injury claims, most commonly for whiplash. Since 2009, the number of whiplash claims has risen by 32%, despite the number of accidents falling by 16%. In the same period personal injury claims soared to become more than half of all motor claims costs at Aviva; rising to 52% in 2011.
Aviva surveyed over 2,000 drivers to get their views on premiums and reform. The findings show an overwhelming belief among drivers that an excessive cash-compensation culture exists in the UK.
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- Real estate leases in Vietnam tend to favor landlords with large deposits required from tenants who have few termination rights.
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However, we understand that Mr Babis threatened to veto other measures aimed at combating corporate tax avoidance. The quid pro quo for his co-operation was the Commissions agreement to the introduction of the generalised reverse charge system.
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HMRC has announced changes to the UK's VAT rules relating to cost sharing groups (CSGs) following recent judgments from the Court of Justice of the European Union. The changes mean the VAT exemption for CSGs will now only apply to entities providing certain public interest services listed in the VAT Directive, such as postal, education, and health services. Banking and insurance entities are no longer eligible. HMRC will also restrict CSG membership to UK entities and require recharges to members be made only at cost. Entities correctly applying previous guidance have until the end of May 2018 to comply with the new rules.
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The document summarizes two key developments from the past week:
1) A Court of Justice ruling found that claims handling services provided to an insurer are not exempt from VAT as insurance transactions or related services. UK law will need to change and businesses providing these services should review their VAT position.
2) The UK budget announced new powers for HMRC to make online marketplaces jointly liable for VAT debts of overseas sellers on their platforms. This aims to reduce the estimated £365 million annual VAT loss from non-compliant foreign traders. Online portals will need to strengthen due diligence of sellers.
Case Alert - VWFS - Advocate General's opinion
This document summarizes an Advocate General's opinion in a case between HMRC and Volkswagen Financial Services (UK) Ltd regarding VAT treatment of hire purchase agreements. The Advocate General opined that input VAT incurred by VWFS on overheads cannot be recovered as it relates to the exempt supply of credit. However, the UK's treatment of hire purchase transactions as two separate supplies is incorrect under EU law - they should be treated as a single taxable supply of a car with an incidental credit element. If the court agrees, it would entitle VWFS to recover all input VAT but require accounting for output tax on interest charged. The opinion creates uncertainty for finance industry VAT treatment going forward.
ITU 26/2016
The document summarizes recent developments in UK indirect tax law from court rulings and HMRC announcements:
1) The Court of Appeal ruled that a charity's activities of providing water sports in return for fees were "economic activities" subject to VAT, overturning earlier rulings. This means the charity's building did not qualify for VAT exemption.
2) The Upper Tribunal referred the DPAS VAT case on dental payment plans to the EU Court, seeking clarification on whether such plans constitute taxable "debt collection".
3) HMRC extended for another year, until December 2017, its transitional policy allowing UK pension schemes to reclaim 70% of input VAT costs. It is still seeking input on reconciling
ITU 01/2017
The document summarizes key indirect tax developments in the UK, including:
1) Prime Minister Theresa May confirmed the UK will leave the EU single market and customs union, meaning UK-EU trade will require customs formalities and tariffs. This will significantly impact businesses that trade with the EU.
2) The Court of Justice ruled that car parts salvaged from scrap vehicles can be considered "second-hand goods" for VAT purposes, allowing their sale under the favorable VAT margin scheme.
3) The First-tier Tribunal allowed several pension schemes to belatedly amend their grounds of appeal in a long-running VAT case regarding fund management fees, considering it fair to admit a new argument related to ongoing
Case Alert - Fiscale Eenheid - AG's Opinion
1) Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL) that provides assurance, tax, and advisory services.
2) GTIL and its member firms are separate legal entities and are not liable for each other's acts or omissions.
3) This publication is intended as guidance only and Grant Thornton UK LLP accepts no responsibility for any loss resulting from reliance on its content.
Case Alert Fiscale Eenheid X
Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd, a global organization of separate member firms that provide assurance, tax, and advisory services. While the member firms work together and share resources, each member firm operates independently and has no liability for any other member firm. This document provides information about Grant Thornton UK LLP and its relationship to Grant Thornton International Ltd but does not constitute legal or financial advice.
Indirect Tax Update 12/2015
1) HMRC has issued new guidance on employers recovering VAT on pension fund management costs. The guidance recognizes that due to the unique structure of UK pension schemes, employers can reclaim VAT if they meet certain conditions, such as directly paying the fund manager.
2) An advocate general opinion found that holding companies can fully recover VAT on costs related to acquiring subsidiaries and raising capital as long as the activities are directly linked to the company's overall economic activities.
3) A tribunal case confirmed that for VAT purposes, the value of a part exchange vehicle in a new car sale is the amount agreed between the dealer and customer, not any estimated market value.
ITU 03/2017
HMRC responded to concerns raised in its Making Tax Digital consultation. It will allow continued spreadsheet use, quarterly reporting for some businesses, and free software. Charities will be exempt and partnerships above £10M have a deferred start until 2020. Commentators say HMRC is listening to stakeholders but businesses should still prepare for changes.
A European court case determined that a holding company cannot reclaim VAT without making charges for management services, as there was no economic activity.
Another DIY builder's VAT refund claim was rejected because planning permission did not allow for separate dwelling use, a legal requirement.
Case Alert - Brabners LLP
This document summarizes a recent tax tribunal case ruling that search fees incurred by a law firm in conveyancing services could not be treated as disbursements for VAT purposes. The tribunal found that the firm acted as principal, not agent, in requesting searches as part of ensuring the transaction could proceed safely. Therefore, the recharge of search fees to clients was considered further consideration for the conveyancing services supplied, not an exempt disbursement. While not legally binding, the ruling suggests solicitors should be aware of this interpretation that search fees form part of their taxable services.
Road to Reform: Tackling the UK’s Compensation Culture July 2014
Aviva’s report, ‘Road to Reform: Tackling the UK’s Compensation Culture’ calls for three key reforms which will reduce cost and improve service for Britain’s insured drivers:
Compensate minor, short-term personal injuries in road accidents with rehabilitation only. Insurers would arrange and pay for the customer’s rehabilitation, regardless of whether the customer is at fault or not. Cutting cash compensation for minor whiplash injuries could save an estimated £900m from the current annual £2 billion* cost of whiplash claims in the UK
Restrict personal injury lawyers to cases where their expertise is needed. Raising the threshold at which legal costs can be recovered by a lawyer could save £300m in straight-forward cases for minor injuries where lawyers are not necessary
Ban referral fees. A further £200m can be saved annually by banning referral fees for vehicle recovery, car repairs and car hire
Case alert : Associated newspapers Court of Appeal
This document summarizes a court case regarding a company, Associated Newspapers, that purchased retail vouchers and gave them away to customers for promotional purposes. HMRC argued that this constituted a non-business activity and that VAT paid on purchasing the vouchers could not be reclaimed. However, the Court of Appeal ruled that purchasing and giving away the vouchers was part of AN's business promotion scheme, so the vouchers were purchased for a business purpose. As such, AN was entitled to reclaim the VAT paid to intermediary voucher suppliers. The court also found that no VAT was due when the vouchers were given to customers.
Case Alert Adecco UK Ltd - Upper Tribunal
This document summarizes a court case regarding whether Adecco, a temporary staffing agency, should account for VAT on the full amount received from clients or just the commission charged. The First-tier Tribunal ruled that VAT should be paid on the full amount, and the Upper Tribunal dismissed Adecco's appeal, agreeing that the contractual relationships between Adecco, temporary workers, and clients constituted a supply of workers by Adecco to clients rather than just an introduction service.
ITU 32/2016
The First-tier Tax Tribunal issued decisions in two cases. In Hotels4U.com v HMRC, the Tribunal followed the precedent from an earlier Supreme Court case and found that Hotels4U.com acted as an agent for hotels, not a principal, so was not subject to the UK Tour Operators' Margin Scheme for VAT. In Water Property Ltd, the Tribunal rejected HMRC's argument that an option to tax should be disapplied due to anti-avoidance rules, as there was no evidence of tax avoidance. The Tribunal also alerted importers that six countries will start using the new EU Registered Exporters scheme from January 2017, which could impact their ability to claim customs duty reductions if their
Case Alert Associated Newspapers - Upper Tribunal
This document summarizes a recent Upper Tribunal judgment regarding the VAT treatment of vouchers given away by Associated Newspapers (AN) as part of a business promotion scheme. The Tribunal partially allowed HMRC's appeal regarding AN's entitlement to reclaim input VAT paid on voucher purchases. Specifically, AN could reclaim VAT paid to intermediaries but not on "retailer vouchers" issued by AN directly. The Tribunal also dismissed HMRC's appeal that AN must account for output tax when providing the vouchers to customers for free, as this satisfied the "business purpose test" of increasing newspaper/ad sales. The judgment clarifies VAT implications for businesses using vouchers in promotions.
Similar to EU Case Alert: CJEU deals a VAT blow to FS Businesses (DNB Banka / Aviva) (20)
EU VAT Alert: EU agrees to a generalised system of VAT reverse charge
EU VAT Alert: EU agrees to a generalised system of VAT reverse charge
Road to Reform: Tackling the UK’s Compensation Culture July 2014
Road to Reform: Tackling the UK’s Compensation Culture July 2014
Case alert : Associated newspapers Court of Appeal
Case alert : Associated newspapers Court of Appeal
More from Alex Baulf
Bahrain: Phased roll out of VAT in Bahrain
The National Bureau of Taxation, operating under the Ministry of Finance, conducted their first VAT briefing session on 3rd December 2018 which was attended by several accounting firms. MOF presented the way forward on VAT implementation and addressed several concerns raised during the meeting. In light of this discussion, Grant Thornton Bahrain's VAT team has set out the key takeaways in the attached Alert.
UK: VAT alert - Government publicises VAT changes if there is “no-deal” on B...
Not that it is expecting a ‘no-deal’ scenario – the UK Government has specifically emphasised that it fully expects the opposite - but, just in case, it has announced a number of measures relating to UK VAT should agreement between the EU and the UK not materialise.
The Government considers that it is progressing well in its negotiations with the EU on the terms of Britain’s exit. However, rightly, it recognises that it is always possible that agreement will not be reached. As a consequence, it has made announcements in relation to VAT in the event of a so-called Brexit ‘no-deal’.
UK businesses – especially those that trade with businesses in other Member States of the EU have had concerns on a number of fronts, not least how the UK VAT system will work after Brexit and what changes will be needed in relation to import and export procedures.
The announcements made by the Government should help businesses to prepare for a ‘no-deal’ Brexit with a little more certainty. In line with the Government, businesses should not assume that an agreement will be reached. Businesses should be prepared for a ‘no-deal’ scenario even though that may not come to fruition.
Case alert - Adecco UK Ltd & Ors
The Court of Appeal upheld previous rulings that an employment agency, Adecco, was liable to pay VAT on the full value of supplies of temporary staffing services to clients, not just administrative fees. Adecco argued it only exerted limited control over temporary workers and was not their employer, but the Court found the contractual arrangements and services provided to clients were effectively the same regardless of worker classification. This clarifies that employment agencies must pay VAT on total fees charged for staffing services unless workers contract directly with clients. The decision impacts how agencies structure operations and could increase costs passed to clients.
Case alert - The Rank Group plc
The First Tier Tribunal (FTT) has released its decision in the case of The Rank Group plc (Rank). Rank operated 3 types of automated gambling machine: Fixed Odds Betting Terminals (FOBT), section 16/21 and section 31/34 machines. The issue for the FTT to consider was whether the machines were ‘similar’. If so, treating them differently for VAT purposes would offend the principle of neutrality. The CJEU had previously held that the machines in question fell within the same category (broadly referred to as slot machines). However, it was for the UK court to decide whether the machines in question were ‘similar’. If so, treating the income from such machines differently for VAT purposes would be considered to offend the principle of fiscal neutrality. The FTT determined that the correct test was to examine the betting experience from the perspective of the user. Would the user’s needs be equally met whichever machine was selected? In examining the evidence, the FTT concluded that the user experience was substantially similar and that users would select machines for a variety of reasons, often playing machines interchangeably. On the basis that such factors as machine location, atmosphere, opening hours and availability were specifically stated by the CJEU to be disregarded in this context, the FTT concluded that the machines were similar. Accordingly, the principle of fiscal neutrality was offended. Rank’s appeal allowed.
Case alert - Zipvit Ltd
The Court of Appeal has issued a unanimous judgment in the appeal by Zipvit Ltd (Zipvit) against the judgment of the Upper Tribunal. Zipvit, like many other businesses, contracted with Royal Mail to supply delivery services. At the relevant time, these services were treated by Royal Mail, Zipvit and HMRC as being exempt from VAT under the UK’s implementation of the ‘postal services’ exemption.
However, following the Court of Justice judgment in the ‘TNT’ case in 2009 (which ruled that VAT exemption only applied to universal postal services), it became clear to all parties (including HMRC) that the mailmedia service provided by Royal Mail should have been liable to VAT at the standard rate.
On that basis, Zipvit submitted a claim for a refund of the input VAT purportedly included in the price it had paid to Royal Mail. HMRC rejected that claim and Zipvit appealed to the First-tier Tax Tribunal (FTT). The FTT dismissed the appeal as did the Upper Tribunal.
Now, the Court of Appeal has dismissed Zipvit’s appeal. The judgment issued on 30 June 2018 dismisses the appeal on the basis that Zipvit had no valid VAT invoice to support its claim. A fact regarded as a fatal flaw.
Case alert - Marle Participations SARL
This case - a referral to the Court of Justice by the French court - delivers the judgment of the European Court with regard to the recovery of input VAT on expenditure incurred by Marle Participations SARL (‘Marle’). The company sought to recover input VAT on expenditure incurred on expenses relating to a corporate restructure. The tax authorities denied input VAT recovery on the grounds that the expenditure related to activities that were capital in nature and so fell outside the scope of VAT (thereby precluding VAT recovery). Marle argued that the letting of property by the holding company to a subsidiary amounted to ‘involvement in the management’ of the subsidiary. This involvement constituted an ‘economic activity’ so enabling VAT to be recovered on the restructuring costs.
The Court has ruled that the letting of property to its subsidiary amounted to ‘involvement in the management’ of that subsidiary. As such it constituted an ‘economic activity’ carrying the right, in principle, to input VAT recovery. Such input VAT recovery was to be regarded as general expenditure of Marle (and therefore subject to the normal rules governing VAT recovery). Providing the letting services were supplied by Marle on a continuing basis, for consideration, the services were taxable and Marl could demonstrate a direct link between those services to its subsidiary and the consideration it received, input VAT could be deducted in full.
International Indirect Tax - Global VAT/GST update (June 2018)
High level slides from Grant Thornton's VAT Club seminar in London held in June 2018.
Topics covered include:
ECJ decision - C-580/16 Hans Bühler - Triangulation
Netherlands - VAT rate change
Russia - VAT rate change
Bahamas - VAT rate change
Angola - New VAT system
Liberia - New VAT system
Costa Rica - New VAT system
Costa Rica - e-invoicing requirements
Hungary - Electronic Invoicing
Italy - Mandatory e-invoicing
Australia - GST on hotel accommodation
Poland - VAT split payments
Spain - First penalties in relation to SII
Greece - SAF-T & E-Invoicing?
Argentina - VAT on digital services
Columbia VAT on digital services
Canada - Quebec: New QST obligations for non-resident suppliers of digital services
USA: Wayfair – the Decision
India - “Happy Birthday GST" - what's next
New Zealand - Low value consignment relief
Malaysia - GST to 0% and transition to SST
United Arab Emirates - Exchange Rates for VAT purposes
Kuwait - VAT postponed until 2021?
GCC - Bahrain, Oman, Qatar VAT implementation latest
Spain - First penalties relating to SII
The Spanish tax authorities have begun imposing penalties for non-compliance with Immediate Supply of Information (ISI) VAT reporting requirements, now that the legal framework for penalties is in place. Approximately 1,300 companies, or 2% of those required to comply, have not yet implemented ISI. Penalties include fines of 1% of annual turnover for complete non-compliance, 0.5% of invoices for late reporting, and €150 per unreported transaction. Authorities will also fine inaccurate, omitted, or false reporting by 1% of the erroneous amounts, with a minimum of €150 and maximum of €6,000.
USA: Georgia Enacts Legislation Imposing Bright-Line Nexus Collection or Repo...
On May 3, 2018, Georgia Governor Nathan Deal signed H.B. 61 enacting significant changes to sales and use tax laws, including imposing a bright-line nexus rule on certain sellers of tangible personal property. Effective January 1, 2019, any seller that conducts 200 or more separate retail sales of tangible personal property for Georgia delivery or obtains more than $250,000 in gross revenue from such sales is considered a dealer that must either register to collect and remit sales tax or notify customers of use tax obligations and report to the state that such requirements have been fulfilled.
U.S. Supreme Court Holds Hearing in South Dakota v. Wayfair
1. The US Supreme Court heard oral arguments in South Dakota v. Wayfair, a case that could overturn the physical presence standard for sales tax nexus established in Quill v. North Dakota.
2. Several Justices appeared open to eliminating the physical presence rule, while others emphasized upholding precedent or suggested having Congress address the issue.
3. The hearing reflected deep divisions and uncertainty among the Justices, with the outcome difficult to predict. The Court's decision later this year may not provide a clear consensus.
China tax bulletin - Issue 2 April 2018
The document summarizes new rules and guidance issued in China related to taxation. It discusses a circular that defers withholding tax on dividends paid to foreign investors if they are reinvested in China. It also summarizes new enterprise income tax return forms issued by the State Administration of Taxation and guidance clarifying value-added tax issues arising from VAT reforms. Finally, it discusses a public notice that provides further clarification on determining "beneficial ownership" in tax treaties.
International Indirect Tax - Global VAT/GST update (March 2018)
These are the slides from the International Indirect Tax - Global VAT/GST update presented at Grant Thornton's VAT Club held in London on 9th March 2018.
The topics discussed include:
EU
• Bulgarian Presidency
• VAT Action Plan – proposal for a Definitive VAT System based on destination principle
• Customs: Binding Valuation Information (BVI)
• Considerations for using TP for Customs value
• Hungary: Electronic Invoicing
• Spain: SII 1.1 new version
• Italy: Simplifications to “Communications of data of invoices issued and received”
• Italy: Mandatory e-invoicing?
EMEA
• South Africa: VAT rate increase
• GCC – where are we?
• UAE: What's been released ? What's missing? Designated Zones
NOAM
• USA: Landmark sales tax nexus case to be heard in Supreme Court
APAC
• India: GST update
• China: Further VAT reform
• Malaysia: GST Compliance Assurance Program (MyGCAP)
• Singapore: Future GST rate increase / reverse charge
• Australia: Final guidance published for online retailers - GST on low value imported goods
This publication has been prepared only as a high level guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication.
China: Tax Bulletin－Latest update on VAT Regulations
Subsequent to Grant Thornton China's last update in July 2017, this VAT Alert summarizes some of the further significant changes on VAT regulations for your reference.
- Revision of the “Provisional Regulations of the People's Republic of China on Value-added Tax” (Referred to as “VAT regulation revision 2017“)
- Clarification on Input VAT Issues
- VAT regulations on specified financial products
- Changes on VAT invoices
- Simplified tax administration on registration of general VAT payers
India: Recommendations from GST Council in 25th meeting
The GST council in its 25th council meeting held on 18 January 2018 in New Delhi, recommended various changes to the GST law. The changes, inter alia, include revision of rates applicable to certain goods/services, introduction of exemptions, and rationalisation of various existing exemptions etc.
Serbia: Tax Alert - Amendments of Serbian Tax Laws (Dec 2017)
On 14 December 2017, the Serbian Parliament adopted amendments to the VAT Law, which were published in the Official Gazette of the Republic of Serbia No.113/2017.
The adopted amendments will go into force on January 1 2018, with exception of certain provisions for which it is particularly emphasized.
On 14 December 2017, the Serbian Parliament adopted amendments to the Corporate Income Tax Law, which were published in the Official Gazette of the Republic of Serbia No.113/2017.
The adopted amendments will go into force on January 1 2018, with exception of provisions regulating withholding taxation. The majority of provisions shall be applied starting from the filing of tax return for 2018.
Please see a high level overview of these changes in the Tax Alert from Grant Thornton Serbia.
USA: NY - New York Appellate Division Holds Certain Data Information Services...
The New York Supreme Court, Appellate Division has held that the competitive price reports purchased by a supermarket retailer were considered to be information services that qualified for a statutory exclusion from sales tax. The Court concluded that the information services were excluded from sales tax because the information was personal or individual in nature and was not substantially incorporated into reports of others.
UK: Briefing Paper - Are you ready for Making Tax Digital?
The UK government is going ahead with its Making Tax Digital (“MTD”) programme, starting with VAT-registered taxpayers. From 1 April 2019, businesses with a turnover above the VAT registration threshold will be required to keep specified minimum records in the VAT account and to submit the current nine- box VAT return to HMRC via Application Program Interface (“API”) software (linking either the accounting system or excel spreadsheets to the HMRC system).
China: Tax bulletin 2017 Issue 4 - VAT
The document lists the names of people working on a project from June 2017 to October 2017. It includes 3 project leaders - 包孝先, 吴江娇, and 杨颖. Other contributors were 周自吉, 张斌, and 徐瑛. The document provides an inventory of staff involved in the project during this time period but does not include any other details.
Cyprus: VAT Alert - VAT on building land, leasing of commercial immovable pro...
Following much anticipation and speculation the Cyprus Parliament has enacted far reaching amendments to the Cyprus VAT Law on 3/11/2017 which impact transactions related to immovable property. The amending legislation (N157(1) of 2017) was published in the Official Gazette of the Republic of Cyprus on 13/11/2017.
• A significant part of the aforementioned changes involve the imposition of VAT on the supply of land. These amendments to the Cyprus VAT Law were a condition of Cyprus’ accession to the EU in 1/5/2004 for which a derogation was secured until 31/12/2007. Their enactment brings Cyprus in line with the obligations undertaken within this scope.
Saudi Arabia - VAT Frequently Asked Questions
The document provides frequently asked questions about Saudi Arabia's VAT system. It discusses VAT eligibility and registration processes, including registration thresholds, group registrations, and mandatory vs voluntary registration. It also covers VAT procedures such as return filing frequencies, invoice requirements, record keeping obligations, and interactions with other governmental entities.
More from Alex Baulf (20)
UK: VAT alert - Government publicises VAT changes if there is “no-deal” on B...
UK: VAT alert - Government publicises VAT changes if there is “no-deal” on B...
International Indirect Tax - Global VAT/GST update (June 2018)
International Indirect Tax - Global VAT/GST update (June 2018)
USA: Georgia Enacts Legislation Imposing Bright-Line Nexus Collection or Repo...
USA: Georgia Enacts Legislation Imposing Bright-Line Nexus Collection or Repo...
U.S. Supreme Court Holds Hearing in South Dakota v. Wayfair
U.S. Supreme Court Holds Hearing in South Dakota v. Wayfair
International Indirect Tax - Global VAT/GST update (March 2018)
International Indirect Tax - Global VAT/GST update (March 2018)
China: Tax Bulletin－Latest update on VAT Regulations
China: Tax Bulletin－Latest update on VAT Regulations
India: Recommendations from GST Council in 25th meeting
India: Recommendations from GST Council in 25th meeting
Serbia: Tax Alert - Amendments of Serbian Tax Laws (Dec 2017)
Serbia: Tax Alert - Amendments of Serbian Tax Laws (Dec 2017)
USA: NY - New York Appellate Division Holds Certain Data Information Services...
USA: NY - New York Appellate Division Holds Certain Data Information Services...
UK: Briefing Paper - Are you ready for Making Tax Digital?
UK: Briefing Paper - Are you ready for Making Tax Digital?
Cyprus: VAT Alert - VAT on building land, leasing of commercial immovable pro...
Cyprus: VAT Alert - VAT on building land, leasing of commercial immovable pro...
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Calculation of compliance cost in the fishing industry of Russia after extended SCM model (Veterinary and sanitary control of aquatic biological resources (ABR) - Preparation of documents, passing expertise)
一比一原版(leeds学位证书)英国利兹大学毕业证如何办理
原版一模一样【微信：741003700 】【(leeds学位证书)英国利兹大学毕业证成绩单】【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
办理(leeds学位证书)英国利兹大学毕业证【微信：741003700 】外观非常简单，由纸质材料制成，上面印有校徽、校名、毕业生姓名、专业等信息。
办理(leeds学位证书)英国利兹大学毕业证【微信：741003700 】格式相对统一，各专业都有相应的模板。通常包括以下部分：
校徽：象征着学校的荣誉和传承。
校名:学校英文全称
授予学位：本部分将注明获得的具体学位名称。
毕业生姓名：这是最重要的信息之一，标志着该证书是由特定人员获得的。
颁发日期：这是毕业正式生效的时间，也代表着毕业生学业的结束。
其他信息：根据不同的专业和学位，可能会有一些特定的信息或章节。
办理(leeds学位证书)英国利兹大学毕业证【微信：741003700 】价值很高，需要妥善保管。一般来说，应放置在安全、干燥、防潮的地方，避免长时间暴露在阳光下。如需使用，最好使用复印件而不是原件，以免丢失。
综上所述，办理(leeds学位证书)英国利兹大学毕业证【微信：741003700 】是证明身份和学历的高价值文件。外观简单庄重，格式统一，包括重要的个人信息和发布日期。对持有人来说，妥善保管是非常重要的。
13 Jun 24 ILC Retirement Income Summit - slides.pptx
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
原版一模一样【微信：741003700 】【(cwu毕业证书)美国中央华盛顿大学毕业证成绩单】【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
办理(cwu毕业证书)美国中央华盛顿大学毕业证【微信：741003700 】外观非常简单，由纸质材料制成，上面印有校徽、校名、毕业生姓名、专业等信息。
办理(cwu毕业证书)美国中央华盛顿大学毕业证【微信：741003700 】格式相对统一，各专业都有相应的模板。通常包括以下部分：
校徽：象征着学校的荣誉和传承。
校名:学校英文全称
授予学位：本部分将注明获得的具体学位名称。
毕业生姓名：这是最重要的信息之一，标志着该证书是由特定人员获得的。
颁发日期：这是毕业正式生效的时间，也代表着毕业生学业的结束。
其他信息：根据不同的专业和学位，可能会有一些特定的信息或章节。
办理(cwu毕业证书)美国中央华盛顿大学毕业证【微信：741003700 】价值很高，需要妥善保管。一般来说，应放置在安全、干燥、防潮的地方，避免长时间暴露在阳光下。如需使用，最好使用复印件而不是原件，以免丢失。
综上所述，办理(cwu毕业证书)美国中央华盛顿大学毕业证【微信：741003700 】是证明身份和学历的高价值文件。外观简单庄重，格式统一，包括重要的个人信息和发布日期。对持有人来说，妥善保管是非常重要的。
一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理
挂科购买【微信号:176555708】【挂科购买(UPenn毕业证书)】【微信号:176555708】《成绩单、外壳、offer、真实留信官方学历认证（永久存档/真实可查）》采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【我们承诺采用的是学校原版纸张（纸质、底色、纹路）我们拥有全套进口原装设备，特殊工艺都是采用不同机器制作，仿真度基本可以达到100%，所有工艺效果都可提前给客户展示，不满意可以根据客户要求进行调整，直到满意为止！】
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信号:176555708】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信号:176555708】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
留信网服务项目：
1、留学生专业人才库服务（留信分析）
2、国（境）学习人员提供就业推荐信服务
3、留学人员区块链存储服务
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：客户在留信官方认证查询网站查询到认证通过结果后付款，不成功不收费！
Monthly Market Risk Update: June 2024 [SlideShare]
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
PM pre reads for the product manager framework
For kingfisher airlines, interpret this with product management frameworks and answer the below questions
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EU Case Alert: CJEU deals a VAT blow to FS Businesses (DNB Banka / Aviva)
- 1. © 2017 Grant Thornton UK LLP. All rights reserved. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication. grant-thornton.co.uk GRT100456 Summary The Court of Justice of the European Union has issued its judgments in two separate cases concerning whether a bank (in the case of DNB Banka) or an insurance business (in the case of Aviva) could benefit from the cost sharing group exemption provided by the VAT Directive. On 1 March 2017, Advocate General Kokott issued a surprise opinion in these two cases which stated that the exemption provided by the Directive was only available to businesses operating in the public interest. The full Court has now delivered its judgment and it has agreed with the views expressed by the Advocate General. The cost sharing group exemption is not available to businesses providing financial services. 21 September 2017 Court of Justice Judgment – DNB Banka / Aviva DNB Banka (DNB) and Aviva provide banking and insurance services respectively. These services are exempt from VAT under the specific provisions of Article 135 of the VAT Directive. Both DNB and Aviva wished to form a separate cost sharing group which is an entity in its own right and which provides services (such as HR services, financial and accounting services, IT services and administration services) to the members of the group. Article 132(1)(f) provides an exemption from VAT for the supply of such services by a cost sharing group to its members. As both DNB and Aviva are engaged in exempt activities, structuring these supply of these services via a cost sharing group would have provided a significant VAT saving as the services would not have borne irrecoverable VAT. When the Advocate General issued her opinion in March 2017, she caused something of a storm. In her view, as the provision of banking and insurance services are exempt under Article 135, the supply of services by a cost sharing group could not be exempt from VAT as this exemption is only available where the underlying services of the members are exempt from VAT under the ‘public interest’ provisions of Article 132. The full Court has confirmed that the Advocate General’s opinion was correct. A business which provides banking or insurance services covered by Article 135 is not entitled to benefit from receiving exempt supplies of services from a cost sharing group. Such supplies are therefore subject to VAT. Comment – this is a major blow to the financial services sector. VAT on shared services is a major cost to banks and insurance businesses and forming a cost sharing group was seen as way of mitigating that cost. The judgments in these cases appear to contradict an earlier judgment of the Court (in the case of Taksattoringen) where a cost sharing group was allowed in an insurance context. Affected businesses may wish to reconsider their VAT strategy in light of these judgments. CJEU deals a VAT blow to FS Businesses CJEU confirms cost sharing groups not available for providers of financial services Case Alert Contact Stuart Brodie Scotland stuart.brodie@uk.gt.com (0)14 1223 0683 Karen Robb London & South East karen.robb@uk.gt.com (0)20 772 82556 Vinny McCullagh London & South East vinny.mccullagh@uk.gt.com (0)20 7383 5100