EU Federation for the Factoring and Commercial Finance Industry

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EUF VAT FISC93

The EUF has written to the EU Council's VAT Working Party and associated relevant persons regarding the proposed Directive on VAT Treatment of Insurance and Financial Services.

In particular the EUF notes that the document FISC93 (which makes a welcome attempt to explain the mechanisms and VAT treatment of factoring) contains significant inaccuracies about both the theory and practice of factoring.

The EUF makes positive suggestions regarding the VAT treatment of factoring, re-iterating its proposals of November 2009 and offering its expert guidance and support to the regulatory development process.

 

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