This study has two principal aims: to estimate the current impacts of the VAT exemptions on providers of financial and insurance services, business and individual consumers and tax revenues; and to conduct an impact assessment exercise of the effects of any future change to the current regime with respects to stakeholders and society as a whole. The main concern being the impact of a removal of the exemptions on financial and insurance services or on the financial services only.

SEURECO's contribution

SEURECO quantified the impact of the removal of exemption on VAT in the EU27 countries, the calculation of direct impacts on the activity and on employment in the financial and insurance sectors, and the evaluation of the overall impacts on economic activity: GDP, households’ final consumption, investment, imports, exports, etc.


Economisti Associati (Leader), CASE, CEPS, Europe Economics, SEURECO, Hedeos, Oxford Research, Mazars N.V..