VAT/Insurance and financial services

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VAT/Insurance and financial services

Key points

The EESC welcomes the efforts made by the European Commission to adapt the VAT rules on financial and insurance services to the requirements of the Single Market. The EESC especially appreciates the cooperation with directly involved stakeholders in this respect.

The Committee would welcome a more thorough legislative approach to eliminate the remaining interpretation difficulties and unsolved problems. The interests of financial and insurance sectors  and their customers, in particular the private consumers, should not be put at stake.

The EESC is keen to ensure that VAT solutions like option to tax and cost sharing arrangements will contribute to attracting and keeping key industry sectors in the Member States. At the same time the EESC is particularly sensitive to the right balance between competitiveness and job quality.