Prior to 2012, the Chinese VAT applied primarily to supplies of goods, with supplies of services, including financial services, subject to a turnover tax known as the Business Tax. The value of financial services in respect of a loan was interpreted as the gross interest payable on the loan. As...

The taxation of financial services is one of the most vexing aspects of a 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...

This paper develops 'Quick Fixes' with regard to the taxation of financial services under UK VAT law.It explores three areas where legislative change might be considered: The application of the exemption for financial services related to cryptocurrencies, the current scope of the exemption for...

This paper contains a proposal (referred to as the ""modified reverse-charging"" approach) to tax financial intermediation services under a VAT. At the heart of the proposal is the application of a reverse charge that shifts the collection of the VAT on deposit interest from depositors to banks,...