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5 March 2007 — Consultation Response

Study to Increase the Understanding of the Economic Effects of the VAT Exemption for Financial and Insurance Services' – Final Report to the EC of 2 November 2006 issued by PwC

Re: FEE Comments on the ‘Study to Increase the Understanding of the Economic Effects of the VAT Exemption for Financial and Insurance Services’- Final Report to the EC of 2 November 2006 issued by PwC

FEE welcomes the publication of the PwC ‘Study to Increase the Understanding of the Economic Effects of the VAT Exemption for Financial and Insurance Services’ (“the Study”) as it considerably furthers the understanding of the economic effects of the VAT exemption for financial and insurance services and more in particular the distortions caused by it.

FEE is pleased to provide some general comments on the study followed by a number of observations on some specific paragraphs.

Comment Letter to László Kovács, Commissioner of Taxation and Customs Union