natgillin/translations-raw huggingface dataset:
'Advisory' or 'advisory services' should be inserted in order to include the services provided by a third party advisor taking investment decisions on the basis of complete consideration of regulatory rules as well as fund rules and advising the fund manager accordingly.
'Advisory' or 'advisory services' should be inserted in order to include the services provided by a third party advisor taking investment decisions on the basis of complete consideration of regulatory rules as well as fund rules and advising the fund manager accordingly.
Another reason for exempting this kind of investment advice vis-à-vis the fund manager is that the pertinent VAT cost would otherwise eventually be charged to the investor .
Another reason for exempting this kind of investment advice vis-à-vis the fund manager is that the pertinent VAT cost would otherwise eventually be charged to the investor .
Член 137 – параграф 1 – буква a)
Article 137 – paragraph 1 – point a
(3) В член 137, параграф 1, буква а) се заличава.
(3) In A rticle 137(1), point (a) is deleted.
Same justification for Amendments 3 and 4.
Same justification for Amendments 3 and 4.
Since the right to opt for taxation only exists with regard to B2B transactions, B2C transaction should continue to be subject to the current rule.
Since the right to opt for taxation only exists with regard to B2B transactions, B2C transaction should continue to be subject to the current rule.
Член 137a – параграф 1
Article 137a – paragraph 1
От 1 януари 2012 г. държавите-членки дават на данъчно задължените лица право на избор относно възможността за облагане по отношение на услугите, посочени в член 135, параграф 1, букви от а) до ж) .
From 1 January 2012, Member States shall allow taxable persons a right of option for taxation in respect of the services referred to in points (a) to (g) of Article 135(1).
От 1 януари 2012 г. държавите-членки дават на данъчно задължените лица във всеки конкретен случай право на избор относно възможността за облагане по отношение на една от услугите, посочени в член 135, параграф 1, букви от а) до жа), когато услугата се предоставя на друго данъчно задължено лице, установено в същата държава или другаде в рамките на Общността .
From 1 January 2012, Member States shall allow taxable persons in each individual case a right of option for taxation in respect of one of the services referred to in points (a) to (ga) of Article 135(1) , where that service is provided to another taxable person established in the same country or elsewhere in the Community .
Член 137a – параграф 1 a (нов)
Article 137a – paragraph 1 a (new)
Комисията докладва на Европейския парламент и на Съвета относно действието на правото на избор по параграф 1 до ...*.
The Commission shall report to the European Parliament and the Council on the operation of the right of option under paragraph 1 by ...*.
По целесъобразност, Комисията представя законодателно предложение относно подробни правила за упражняването на това право на избор и за други изменения на Директива .../.../EО в това отношение .
If approp ria te, the Commission shall present a legislative proposal concerning detailed rules governing the exercise of that right of option and any other amendments of Directive .../.../EC in this respect .
* Три години след влизане в сила на Директива .../.../ EО.
* Three years after the entry into force of Directive .../.../ EC.
A better enforcement of legislation and a consultative role to the European Parliament.
A better enforcement of legislation and a consultative role to the European Parliament.
Член 137a – параграф 2
Article 137a – paragraph 2
Съветът приема мерките, необходими за прилагането на параграф 1 съгласно реда, предвиден в член 397.
The Council shall adopt the measures necessary for the implementation of paragraph 1 pursuant to the procedure provided for in Article 397.
Докато Съветът не е приел такива мерки, държавите-членки могат да определят подробните правила, уреждащи упражняването на правото на избор относно възможността по параграф 1.
So long as the Council has not adopted such measures, Member States may lay down the detailed rules governing exercise of the option under paragraph 1.
Докато Съветът не е приел такива мерки, държавите-членки могат да запазят съществуващите подробни правила, уреждащи упражняването на правото на избор относно възможността по параграф 1.
So long as the Council has not adopted such measures, Member States may maintain the existing detailed rules governing exercise of the option under paragraph 1.
Член 137 б – точка 1
Article 137b – point 1
(1) самата група и всички нейни членове са установени или пребиваващи в Общността;
(1) the group itself and all its members are established or resident in the Community;
(1) самата група е установена в Общността;
(1) the group itself is established in the Community;
To ensure that the cost-sharing rules really do deliver progress in the single market as hoped, two regulatory aspects need changing.
To ensure that the cost-sharing rules really do deliver progress in the single market as hoped, two regulatory aspects need changing.
1: It should be possible for undertakings that are not resident in the EU to become members of such a group, and 2: these groups should be able to provide services to third parties in accordance with general turnover tax principles without this affecting the principle of their tax exemption.
1: It should be possible for undertakings that are not resident in the EU to become members of such a group, and 2: these groups should be able to provide services to third parties in accordance with general turnover tax principles without this affecting the principle of their tax exemption.
Член 137 б – точка 3
Article 137b – point 3
(3) членовете на групата предоставят услуги, които са необлагаеми съгласно член 135, параграф 1, букви от а) до ж) или други услуги, по отношение на които те не са данъчно задължени лица;
(3) members of the group are supplying services which are exempt under Article 135(1)(a) to (g) or other services in respect of which they are not taxable persons;
(3) членовете на групата предоставят услуги, които са необлагаеми съгласно член 135, параграф 1, букви от а) до жа) или други услуги, по отношение на които те не са данъчно задължени лица;
(3) members of the group are supplying services which are exempt under Article 135(1)(a) to (ga) or other services in respect of which they are not taxable persons;
Член 137 б – точка 4
Article 137b – point 4
(4) услугите се предоставят от групата само на нейните членовете и са необходими, за да имат членовете възможност да предоставят услуги, които са необлагаеми съгласно член 135, параграф 1, букви от а) до ж) ;
(4) the services are supplied by the group only to its members and are necessary to allow members to supply services which are exempt pursuant to Article 135(1)(a) to (g);
(4) услугите предоставяни от групата са необходими, за да имат членовете възможност да предоставят услуги, които са необлагаеми съгласно член 135, параграф 1, букви от а) до жа) ;
(4) the services supplied by the group are necessary to allow members to supply services which are exempt pursuant to Article 135(1)(a) to (ga);
Член 137 б – точка 5
Article 137b – point 5
(5) групата изисква от своите членове само точното възстановяване на техния дял от съвместните разходи , като изключва каквито и да било корекции за трансферно ценообразуване, извършвани за целите на прякото данъчно облагане.“
(5) the group claims from its members only the exact reimbursement of their share of the joint expenses , excluding any transfer-pricing adjustments made for the purposes of direct taxation.
(5) групата изисква от своите членове само точното възстановяване на техния дял от съвместните разходи ; корекциите за трансферно ценообразуване, извършвани за целите на прякото данъчно облагане не засягат освобождаването на групата от данък върху оборота .“
(5) the group claims from its members only the exact reimbursement of their share of the joint expenses ; transfer-pricing adjustments made for the purposes of direct taxation shall not affect the group’s exemption from turnover tax .
Член 169 – буква в)
Article 169 – point c
(4а) В член 169, буква в) се заменя със следното:
(4a) In Article 169, point (c) is replaced by the following:
"в) сделки, които са освободени съгласно член 135, параграф 1, букви а)—жа) , когато клиентът е установен извън Общността или когато сделките са пряко свързани със стоките, предназначени за износ извън Общността."
'(c) transactions which are exempt pursuant to points (a) to (g a ) of Article 135(1), where the customer is established outside the Community or where those transactions relate directly to goods to be exported out of the Community.'
In order to ensure a level-playing field between the banking, insurance and fund industry sector, investment fund management services provided to third countries should also be VAT deductible .
In order to ensure a level-playing field between the banking, insurance and fund industry sector, investment fund management services provided to third countries should also be VAT deductible .
Член 2 – параграф 1 – алинея 1
Article 2 – paragraph 1 – subparagraph 1
Държавите-членки въвеждат в сила законовите, подзаконовите и административните разпоредби, необходими, за да се съобразят с настоящата директива, като гарантират, че крайните потребители имат полза от преструктурирането на настоящата уредба на ДДС .
Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive while ensuring that end - consumers benefit from the restructuring of the present VAT arrangement .
Те незабавно съобщават на Комисията текста на тези разпоредби и прилагат таблица на съответствието между тези разпоредби и настоящата директива.
They shall forthwith communicate to the Commission the text of those provisions and correlation table between those provisions and Directive.
Any economic decision must be based on transparent and numerical analysis on the underlying issue.
Any economic decision must be based on transparent and numerical analysis on the underlying issue.
The Commission should draw up that kind of survey which is to constitute evidence that average customers will be able to take advantage of the modification of the current VAT regime for financial services.
The Commission should draw up that kind of survey which is to constitute evidence that average customers will be able to take advantage of the modification of the current VAT regime for financial services.
This survey should include the current magnitude of the ancillary services which tend to be outsourced in lower-waging countries and it should measure the possible rise of outsourced ancillary, supporting services attributed to lifting of VAT exemption in financial services industry .
This survey should include the current magnitude of the ancillary services which tend to be outsourced in lower-waging countries and it should measure the possible rise of outsourced ancillary, supporting services attributed to lifting of VAT exemption in financial services industry .
This proposal is the first attempt by the Commission to update and bring into line with economic realities a piece of legislation that has remained virtually unchanged for the last three decades.
This proposal is the first attempt by the Commission to update and bring into line with economic realities a piece of legislation that has remained virtually unchanged for the last three decades.
Since 1977, most financial services, including insurances and investment fund management, have been exempt from VAT.
Since 1977, most financial services, including insurances and investment fund management, have been exempt from VAT.
Although the precise reasons for the exemption were never clearly spelled out,
Although the precise reasons for the exemption were never clearly spelled out,
These consisted mainly in the impossibility of establishing taxable amounts and the amounts of deductible VAT without generating unacceptable administrative charges and without creating legal and accounting complexity both for economic operators and Member States' fiscal authorities. the main one seems to be the technical complexity inherent in taxing financial services.
These consisted mainly in the impossibility of establishing taxable amounts and the amounts of deductible VAT without generating unacceptable administrative charges and without creating legal and accounting complexity both for economic operators and Member States' fiscal authorities. the main one seems to be the technical complexity inherent in taxing financial services.
As a counterpart of this exemption, input VAT generated in order to provide the exempted services cannot be recovered and becomes therefore non-recoverable, embedded or “hidden VAT”.
As a counterpart of this exemption, input VAT generated in order to provide the exempted services cannot be recovered and becomes therefore non-recoverable, embedded or “hidden VAT”.
At the time of adoption of the original legislation (1977), financial and insurance institutions managed most of their own back office and support activities locally.
At the time of adoption of the original legislation (1977), financial and insurance institutions managed most of their own back office and support activities locally.
Institutional structures were nationally based, focusing mainly on supplying domestic markets.
Institutional structures were nationally based, focusing mainly on supplying domestic markets.
This landscape has changed dramatically since then.
This landscape has changed dramatically since then.
The main features of this evolution are a trend towards cross-border consolidation within the Community and the growth in outsourcing.
The main features of this evolution are a trend towards cross-border consolidation within the Community and the growth in outsourcing.
This developments are the consequence not only of market globalisation but above all the result of the successful implementation of the Financial Services Action Plan (FSAP) that brought about the dismantling of obstacles to integration whilst strongly encouraging consolidation.
This developments are the consequence not only of market globalisation but above all the result of the successful implementation of the Financial Services Action Plan (FSAP) that brought about the dismantling of obstacles to integration whilst strongly encouraging consolidation.
The evolution of the industries since 1977, together with changes in the legal and regulatory environment, has increased exposure to non-recoverable tax.
The evolution of the industries since 1977, together with changes in the legal and regulatory environment, has increased exposure to non-recoverable tax.
For the financial sector, increased tax charges absorb the first benefits resulting from efficiency gains from cross-border consolidation and outsourcing.
For the financial sector, increased tax charges absorb the first benefits resulting from efficiency gains from cross-border consolidation and outsourcing.
This raises concerns about the consistency with FSAP objectives of allowing "hidden VAT" to exist within the internal market.
This raises concerns about the consistency with FSAP objectives of allowing "hidden VAT" to exist within the internal market.
The legislation that the Commission proposes to modernise is not only obsolete but it has also become more and more unclear.
The legislation that the Commission proposes to modernise is not only obsolete but it has also become more and more unclear.
This creates legal uncertainty.
This creates legal uncertainty.
The European Court of Justice (ECJ) has been frequently requested to intervene in order to clarify the interpretation and the application of a legislation that is no longer adapted to an economic context that had not been contemplated when it was originally drafted.
The European Court of Justice (ECJ) has been frequently requested to intervene in order to clarify the interpretation and the application of a legislation that is no longer adapted to an economic context that had not been contemplated when it was originally drafted.
The question arises --to put it in the Commission’s words-- whether, because of legislative neglect, “ the ECJ has been forced to make judgements to determine tax policy ”.
The question arises --to put it in the Commission’s words-- whether, because of legislative neglect, “ the ECJ has been forced to make judgements to determine tax policy ”.
Furthermore, deduction rates decided by the Member States within the discretion permitted by the current legislation are not in line with the principle of neutrality.
Furthermore, deduction rates decided by the Member States within the discretion permitted by the current legislation are not in line with the principle of neutrality.
To illustrate the disparity between Member States, the International Bureau for Fiscal Documentation carried out a survey on the methods of deduction of input VAT applied by the Member States, showing that recovery rates varied from 0% to 74%, notwithstanding the fact that the VAT Directive seems to foresee a certain degree of harmonisation.
To illustrate the disparity between Member States, the International Bureau for Fiscal Documentation carried out a survey on the methods of deduction of input VAT applied by the Member States, showing that recovery rates varied from 0% to 74%, notwithstanding the fact that the VAT Directive seems to foresee a certain degree of harmonisation.
In order to prepare the impact assessment, Member States were requested to provide figures on the value of actual VAT receipts, which can be attributable to non-recoverable VAT borne by financial and insurance companies as well as on the value of VAT foregone though exempting those services.
In order to prepare the impact assessment, Member States were requested to provide figures on the value of actual VAT receipts, which can be attributable to non-recoverable VAT borne by financial and insurance companies as well as on the value of VAT foregone though exempting those services.
Apparently, less than half of the Member States responded to this request.
Apparently, less than half of the Member States responded to this request.
In order to address the concerns raised above, the Commission proposes to reform the VAT legislation with a view to achieve the following objectives:
In order to address the concerns raised above, the Commission proposes to reform the VAT legislation with a view to achieve the following objectives:
1. increase legal certainty for all concerned, from the business sector to national tax administrations and thereby reduce their administrative burden in achieving fiscal compliance, whilst creating budgetary security for Member States;
1. increase legal certainty for all concerned, from the business sector to national tax administrations and thereby reduce their administrative burden in achieving fiscal compliance, whilst creating budgetary security for Member States;
2. ensure a more consistent application of the tax and deliver a level playing field in the internal market, by eliminating the competitive distortions that are attributable to the current VAT regime for the financial services;
2. ensure a more consistent application of the tax and deliver a level playing field in the internal market, by eliminating the competitive distortions that are attributable to the current VAT regime for the financial services;
3. allow operators to manage better the impact of non-deductible VAT on their activities;
3. allow operators to manage better the impact of non-deductible VAT on their activities;
4. more generally, to promote the principle of tax neutrality that is one of the foundations of the EU VAT system.
4. more generally, to promote the principle of tax neutrality that is one of the foundations of the EU VAT system.
The three main measures proposed to achieve these objectives are the following:
The three main measures proposed to achieve these objectives are the following:
Modernisation of the definition of exempt financial and insurance services .
Modernisation of the definition of exempt financial and insurance services .
Possibility for taxable persons to opt for taxation in respect of their financial and insurance services, as newly defined in the Commission’s proposal .
Possibility for taxable persons to opt for taxation in respect of their financial and insurance services, as newly defined in the Commission’s proposal .
Such an option to tax already exists in the VAT Directive with regard to financial services only,
Such an option to tax already exists in the VAT Directive with regard to financial services only,
The current VAT directive provides that Member States may allow taxable persons a right of option for taxation in respect of financial services; the Commission’s proposal provides that Member States shall allow taxable persons that right. but is currently at the discretion of Member States and not widely used.
The current VAT directive provides that Member States may allow taxable persons a right of option for taxation in respect of financial services; the Commission’s proposal provides that Member States shall allow taxable persons that right. but is currently at the discretion of Member States and not widely used.
Currently, Belgium, Estonia, France, Germany and Lithuania have allowed taxable persons this right of option.
Currently, Belgium, Estonia, France, Germany and Lithuania have allowed taxable persons this right of option.
Its limited availability today is, according to the Commission, potentially distortive.
Its limited availability today is, according to the Commission, potentially distortive.
Introduction of an industry specific exemption from VAT on cost sharing arrangements .
Introduction of an industry specific exemption from VAT on cost sharing arrangements .
Preliminary Comments
Preliminary Comments
The proposed measures can be assessed from the point of view of businesses, tax administrations and consumers.
The proposed measures can be assessed from the point of view of businesses, tax administrations and consumers.
From the point of view of businesses : As shown by the Commission’s analysis, the generation of non-recoverable input VAT has become an important factor in the decision-making process on where and how an operator supplies financial or insurance services, in line with the Lisbon strategy.
From the point of view of businesses : As shown by the Commission’s analysis, the generation of non-recoverable input VAT has become an important factor in the decision-making process on where and how an operator supplies financial or insurance services, in line with the Lisbon strategy.
From the point of view of tax administrations : The legislator has to bear in mind that any change that increases the level of deductibility will, in the absence of compensating measures, result in a reduction in VAT receipts for Member States.
From the point of view of tax administrations : The legislator has to bear in mind that any change that increases the level of deductibility will, in the absence of compensating measures, result in a reduction in VAT receipts for Member States.
From the point of view of consumers : It is not clear to which extent the benefits in terms of efficiency and cost reduction will be passed on to customers.
From the point of view of consumers : It is not clear to which extent the benefits in terms of efficiency and cost reduction will be passed on to customers.
As the impact assessment correctly warns about, there is always a risk that commercial constraints will spread the cost saving unevenly across the entire client base with business customers still carrying a part of the cost of non-deductible VAT.
As the impact assessment correctly warns about, there is always a risk that commercial constraints will spread the cost saving unevenly across the entire client base with business customers still carrying a part of the cost of non-deductible VAT.
Following a preliminary assessment of this proposal, the rapporteur is of the opinion that:
Following a preliminary assessment of this proposal, the rapporteur is of the opinion that: