EY ROMANIA

  |  2018-04-05

Jean-Marc Cambien, EY Romania: How does the digitization change the VAT treatment for financial services?

Traditionally, the banking activity is exempt from VAT, with no deduction. Thus, as a general rule, banks do not collect VAT for their activities and do not deduct VAT for purchases made. But is this the most beneficial approach for banks? Are there solutions to reduce VAT costs? If so, where do we find these solutions and how can we implement them?

The only way we can turn to find answers to such questions is the jurisprudence of the Court of Justice of the European Union. While the traditional approach can be certain from the perspective of tax controls, the related costs can be significantly improved by applying the principles of European jurisprudence. These principles can change the perspective and support the application of the VAT treatment required by banks, in practice certain principles being already accepted and confirmed by the Romanian authorities in the fiscal controls.

 

For more information, please see the Romanian version of the article, here.

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