Mark Agnew provides a critical analysis of the recent ECJ judgments in AXA and T-Mobile
After a good innings the VAT exemption for payment processing services in the UK has been bowled a googly by Luxembourg of which Shane Warne would have been proud. The judgment of the ECJ in AXA (Case C-175/09) will go straight through the corridor of uncertainty of many taxpayers that either provide or outsource the processing and collection of payments.
The AXA judgment and also perhaps the more recent judgment by the ECJ in Everything Everywhere (formerly T-Mobile Case C-276/09) perfectly illustrates the continuing fundamental uncertainty – and difficulty – of applying the VAT exemptions especially in the financial services arena. One hopes that the ongoing review of the taxation of financial services in the EU which seeks to modernise the exemption definitions will go some way to...
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Mark Agnew provides a critical analysis of the recent ECJ judgments in AXA and T-Mobile
After a good innings the VAT exemption for payment processing services in the UK has been bowled a googly by Luxembourg of which Shane Warne would have been proud. The judgment of the ECJ in AXA (Case C-175/09) will go straight through the corridor of uncertainty of many taxpayers that either provide or outsource the processing and collection of payments.
The AXA judgment and also perhaps the more recent judgment by the ECJ in Everything Everywhere (formerly T-Mobile Case C-276/09) perfectly illustrates the continuing fundamental uncertainty – and difficulty – of applying the VAT exemptions especially in the financial services arena. One hopes that the ongoing review of the taxation of financial services in the EU which seeks to modernise the exemption definitions will go some way to...
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:
