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....

In most countries applying a value added tax (VAT) system, the activities and transactions undertaken by public sector bodies are not subject to full taxation. The rationale usually invoked to justify lack of full taxation is of a mixed conceptual and political kind. On one hand, there is a view...

On 10 November 2011 the EU Court of Justice handed down its eagerly anticipated judgement on two cases referred by the UK courts involving the Rank Group plc and Her Majesty’s Revenue and Customs (HMRC). The disputes arose in the context of gaming activities, namely bingo and slot machines,...

In the context of the proposed European CCCTB there is clearly a perceived need for the introduction of a common thin capitalization rule. This rule would be aimed at dealing with inbound investment emerging from both third countries, and from Member States opting out of the CCCTB. The principal...