Insurance Europe's position paper calls for a thorough review of the Value Added Tax (VAT) Directive to modernise VAT rules in the EU, particularly in the field of financial services.
　
Insurance Europe points out that the VAT liability of financial services transactions continues to be governed by a Directive that was implemented in 1977 and written even earlier. Because this Directive is in many respects outdated and not correctly applicable to current financial services, Insurance Europe believes that the modernisation of VAT rules for financial services is necessary.