Modernizing the VAT Rules for Financial Services and InsurancesJoint Conference
European Commission - European Banking Federation
Brussels, 11 May 2006
The European Commission intends to submit a legislative proposal by the end of 2006 for modernising the current legislation on financial services and insurances. It has launched a public online consultation and works closely with the European Banking Federation in this process. Within this framework the Commission together with the EBF organised on 11 May in Brussels a one day conference. The main objectives of a modernisation would mainly be to reduce the administrative costs for administrations and traders, to remove potential or actual competitive distortions between supplies across different Member States and to create more clarity and security for Member States and traders VAT should be applied in a manner consistent with a level playing field and accordingly eliminate all VAT attributable competitive distortions (see IP/06/602).
Opening Introduction
László Kovács   EU-Commissioner Taxation and Customs Union Hein Blocks Chairman of the Executive Committee, European Banking Federation
Chairman's Introduction - Presentation from the Commission services
Robert Verrue  Director General, European Commission, Taxation and Customs Union Directorate General
Coffee break
Perspective of industry - problems/analysis/options
Challenges for the European Finance Sector - Obstacles created by the current VAT regime
Piet Battiau Tax Adviser, KBC Group Chairman of the VAT Working Group, European Banking Federation Views from the Insurance Industry
Andrew Moss Chief Financial Officer, Aviva PLC The Nordea Case -VAT issues in restructuring
Margareta Leijonhufvud Group Chief Tax Officer, Nordea The Allianz Case - VAT in a Financial Service Group with Europe as a home market
Philipp Besson Head of Department "Indirect Taxes", Allianz AG VAT issues for an international banking group
Ginés Navarro Fernández , Grupo Santander Discussion moderated by Rolfjosef Hamacher, Axer Partnerschaft Köln
Lunch
Perspective of industry - problems/analysis/options (cont'd)
The macro-economic impact of VAT on outsourcing
Nick Burgin Global Tax Leader, IBM The point of view of the asset managers
Julie Patterson Director Regulation, Operations and Tax, Investment Management Association, UK Prof. Rüdiger Philipowski  University of Würzburg The perspective of public/regional banks
Klaus Hahne Deputy Head of the Tax Department, HSH Nordbank AG The solutions proposed by the finance sector
Ray Sidders Global VAT Director, Citigroup Discussion moderated by Maitre Jean-Claude Bouchard Avocat - Paris
Coffee break
Panel discussion
Alexander Wiedow Director, Indirect Taxation, European Commission, Taxation and Customs Union Directorate General Paolo Ciocca Director, Fiscal Policy Department, Economy & Finance Ministry, Italy Richard Brown, Head of International Indirect Taxation HM Treasury,UK Piet Battiau Tax Adviser, KBC Group Chairman of the VAT Working Group, European Banking Federation Martina Baumgärtel Director, Group Tax Policy & Products, Allianz Group Chairwoman of the Fiscal Committee, Comité Européen des Assurances George Michie Indirect Tax Partner, KPMG LLP, UK Session moderated by Peter Skinner Member of European Parliament
Closing remarks by the Chairman
Robert Verrue Director General, European Commission, Taxation and Customs Union Directorate General
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