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Modernizing the VAT Rules for Financial Services and Insurances

Joint 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 PDF document English

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 PDF document français

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 PDF document English

Tax Adviser, KBC Group

Chairman of the VAT Working Group, European Banking Federation

Views from the Insurance Industry

Andrew Moss PDF document English

Chief Financial Officer, Aviva PLC

The Nordea Case -VAT issues in restructuring

Margareta Leijonhufvud PDF document English

Group Chief Tax Officer, Nordea

The Allianz Case - VAT in a Financial Service Group with Europe as a home market

Philipp Besson PDF document English

Head of Department "Indirect Taxes", Allianz AG

VAT issues for an international banking group

Ginés Navarro Fernández PDF document English, 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 PDF document English

Global Tax Leader, IBM

The point of view of the asset managers

Julie Patterson PDF document English

Director Regulation, Operations and Tax, Investment Management

Association, UK

Prof. Rüdiger Philipowski PDF document Deutsch

University of Würzburg

The perspective of public/regional banks

Klaus Hahne PDF document English

Deputy Head of the Tax Department, HSH Nordbank AG

The solutions proposed by the finance sector

Ray Sidders PDF document English

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