VAT news tagged as "Financial transaction tax"

Norway

Norway avoids financial services VAT

October 13th, 2016

Norway has decided not to charge VAT or a Financial Transaction Tax (FTT) on financial services, mirroring the European Union. Instead, it will impose a payroll tax of 5% on banks, insurance companies and other companies whose financial services activities are over 30% of their sales. The measure is included within its 2017 budget which …


United Kingdom

London set to benefit from EU FTT proposals

July 23rd, 2015

Plans due this month to relaunch a watered-down Financial Transaction Tax (FTT) across 11 EU member states in 2017 look set to benefit London financial markets.  This comes despite criticism from the German and French central banks, and threats from major European investment banks to shift trading to London to avoid the levy. The latest …


Russian Federation

Russia extends financial services VAT exemption

December 22nd, 2014

The Russian VAT office has extended the range of financial services subject to the Value Added Tax exemption. Russia regards core financial services, including banking and insurance, as outside of the scope of its VAT regime. The latest confirmation widens this relief to include services provided by brokers, fund managers, pension funds, exchanges and traders …


Sweden

Sweden proposes levying VAT on banking and insurance

May 26th, 2014

The first draft discussions of the Swedish 2015 budget issued last week contains a controversial proposal to withdraw the Swedish VAT exemption on financial services. Currently, all other 27 EU member states do not charge VAT on this sector. This move would challenge a proposal by other 11 other EU member states looking to introduce …