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Options for Taxing Financial Supplies in Value Added Tax: EU VAT and Australian GST Models Compared

Abstract:

The taxation of financial services is one of the most vexing aspects of a Value Added Tax (VAT). Conceptually, VAT should apply to any fee for service but where financial services are concerned there is a difficulty in identifying the taxable amount, ie the value added by financial institutions. As a result, most jurisdictions, including the EU, simply exempt financial services from VAT. Treating financial services as exempt, however, gives rise to significant legal and economic distortions. ...

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Rita de la Feria More by this author
Michael Walpole More by this author
Publication date:
2009
URN:
uuid:a350fa85-8e3b-4fd1-b84b-4eb16c877e56
Local pid:
oai:eureka.sbs.ox.ac.uk:346

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