Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-434"
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"en.20080924.35.3-434"2
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Since 1977, most financial services, including insurance and investment fund management, have been exempt from VAT. During this period, two problems have essentially arisen: the definition of the scope of the exemption and the impossibility of recovering VAT incurred in order to provide exempt services, giving rise to the phenomenon of hidden VAT. Globalisation, European financial integration and market consolidation, which have affected the organisation and outsourcing of operations to provide these services, have further added to the complexities.
This report is the first attempt to update a directive which, in addition to being confusing – leading to the intervention of the European Court of Justice – is obsolete.
I want to congratulate the rapporteur, Mr Muscat, on his excellent work in producing this report on an issue which is so economically sensitive and technically complex.
His proposals to modernise the definition of insurance and financial services, which are consistent with the Financial Services Action Plan and strict in dealing with exemptions, have merited general acceptance. His commitment to preventing price rises for consumers as a result of taxable persons opting for taxation has also merited general approval.
The final result, encompassing a specific exemption from VAT for businesses involved in cost-sharing arrangements, will increase certainty for the industry and budgetary security for the Member States, prevent competition distortions and improve competitiveness for the banks and insurers without increasing the costs to consumers.
I want to express my satisfaction at the incorporation of two aspects contained in these amendments: the reference to co-insurance, and the improved definition of the concept of intermediation, which is restricted to professional activities rendered as a distinct, direct or indirect act of mediation and which specifies that intermediaries are not counterparties to the subsequent transactions.
I want to end by wishing Mr Muscat great success. I am confident that he will soon be enjoying this success through his participation in European integration from the Council."@en1
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