Martin Sharratt Head of VAT at Smith & Williamson Limited introduces this special issue on VAT and financial services
'Moreover any technical difficulties which exist in determining the amount of consideration cannot by themselves justify the conclusion that no consideration exists.'
The quotation above which you may recognise as an extract from the ECJ decision in the case of First National Bank of Chicago makes it clear that any practitioner who ventures into the world of finance must be prepared for a few 'technical difficulties'. The application of VAT to the financial services sector has always been difficult; that is what makes it interesting. 30 years of case law and several changes of legislation later it is more complex than ever....
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Martin Sharratt Head of VAT at Smith & Williamson Limited introduces this special issue on VAT and financial services
'Moreover any technical difficulties which exist in determining the amount of consideration cannot by themselves justify the conclusion that no consideration exists.'
The quotation above which you may recognise as an extract from the ECJ decision in the case of First National Bank of Chicago makes it clear that any practitioner who ventures into the world of finance must be prepared for a few 'technical difficulties'. The application of VAT to the financial services sector has always been difficult; that is what makes it interesting. 30 years of case law and several changes of legislation later it is more complex than ever....
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
