Cargando…
Derivatives and the European VAT system : derivatives in the context of the scope of taxable supplies /
"If derivatives are capable of destabilizing the world economy, they are too powerful a tool to be ignored in European VAT. That said, while certain types of derivatives (e.g. gold derivatives and certain options) are currently regulated under the EU VAT Directive (2006/112/EC), the lack of reg...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Amsterdam :
IBFD,
[2020]
|
| Colección: | Doctoral series ;
v. 55. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
| LEADER | 00000cam a2200000 i 4500 | ||
|---|---|---|---|
| 001 | EBOOKCENTRAL_on1266867070 | ||
| 003 | OCoLC | ||
| 005 | 20240329122006.0 | ||
| 006 | m o d | ||
| 007 | cr cnu---unuuu | ||
| 008 | 210903s2020 ne ob 000 0 eng d | ||
| 040 | |a N$T |b eng |e rda |e pn |c N$T |d OCLCO |d EBLCP |d YDX |d OCLCQ |d K6U |d OCLCQ |d OCLCO |d OCLCL | ||
| 019 | |a 1200580560 |a 1202460282 |a 1202470748 | ||
| 020 | |a 9789087226367 |q (electronic bk.) | ||
| 020 | |a 9087226365 |q (electronic bk.) | ||
| 020 | |z 9087226357 | ||
| 020 | |z 9789087226350 | ||
| 029 | 1 | |a AU@ |b 000070366029 | |
| 035 | |a (OCoLC)1266867070 |z (OCoLC)1200580560 |z (OCoLC)1202460282 |z (OCoLC)1202470748 | ||
| 043 | |a e------ | ||
| 050 | 4 | |a KJE7187 |b .H65 2020eb | |
| 082 | 0 | 4 | |a 343.2404 |2 23 |
| 049 | |a UAMI | ||
| 100 | 1 | |a Hokkanen, Marja, |e author. | |
| 245 | 1 | 0 | |a Derivatives and the European VAT system : |b derivatives in the context of the scope of taxable supplies / |c Marja Hokkanen. |
| 264 | 1 | |a Amsterdam : |b IBFD, |c [2020] | |
| 300 | |a 1 online resource (xix, 397 pages) | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IBFD doctoral series ; |v v. 55 | |
| 504 | |a Includes bibliographical references (pages 347-397). | ||
| 500 | |a Originally presented as the author's thesis (doctoral)--University of Helsinki, 2019. | ||
| 520 | 8 | |a "If derivatives are capable of destabilizing the world economy, they are too powerful a tool to be ignored in European VAT. That said, while certain types of derivatives (e.g. gold derivatives and certain options) are currently regulated under the EU VAT Directive (2006/112/EC), the lack of regulation in respect of derivatives in general has led to individual EU Member States treating derivatives very differently. The distinct lack of regulation on an EU level brings uncertainty as to how these instruments should be treated, and the resulting inconsistencies and lack of guidance at a national level have effectively jeopardized any prospect of achieving neutrality and equality in treatment across the EU derivatives market. In 2007, the European Commission published its proposal for a Council Directive amending Directive 2006/112/EC, which included the regulation of derivatives. However, a final compromise was never reached, and the proposals were finally withdrawn by the Commission in April 2016. The challenge of defining derivatives in the scope of the European VAT system is not easy because of the diversity of derivatives. At the same time, the European VAT system presents challenges in analysing derivatives in the context of legal tender, consideration or reciprocal supplies, just to name a few, which have a special role in the world of derivatives. The aim of the research is to define the most common types of derivatives (i.e. commodity and financial options, futures, forwards and swaps) in terms of the European VAT system and to bring clarity to the EU area regarding their VAT treatment on the basis of the VAT Directive, thereby attempting to give concrete answers as to how derivatives should be treated, with specific reference to the scope of the VAT system as defined under articles 1 and 2(1) of the VAT Directive. Another question to be answered is whether derivatives as financial instruments or contracts represent transactions in goods or services in VAT terms or whether the underlying transactions in goods and services should provide the sole focus for VAT. Also, the nature of derivatives as financial instruments raises question as to whether derivatives should also be entitled to the exemption afforded to financial and insurance services under article 135(1) of the VAT Directive. In addition to the supply of commodities, interesting questions regarding whether derivatives trading can be considered an economic activity as defined under article 9(1) of the VAT Directive are examined. Other pertinent questions raised concern what, if anything, constitutes consideration under a derivative, as well as when VAT becomes due, i.e. when the chargeable event takes place. In addressing the research question, the doctrinal method is appropriate in bringing clarity to the definition of the scope of VAT as a key first step. The interpretation of articles 2(1)(a) and (c), 9(1) and 135(1) of the VAT Directive is crucial in this regard and effectively forms the basis for the research." | |
| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a Cover -- IBFD Doctoral Series -- Title -- Copyright -- Dedication -- Preface -- Abbreviations -- Chapter 1: Introduction -- 1.1. Introduction -- 1.2. Derivatives and VAT -- 1.3. Purpose of the study -- 1.4. State of research -- 1.5. Methodology -- 1.6. Structure of the study -- Chapter 2: The European VAT System -- 2.1. The nature of VAT as a tax system -- 2.1.1. Introduction -- 2.1.2. VAT as a consumption tax -- 2.1.3. The scope of VAT -- 2.1.4. VAT exemption -- 2.2. Fundamentals governing the European VAT system -- 2.2.1. Introduction -- 2.2.2. Interpretation of the VAT Directive | |
| 505 | 8 | |a 2.2.3. VAT and the principle of neutrality -- 2.3. Status of regulation -- 2.3.1. Derivatives regulated in the VAT Directive -- 2.3.2. The Council Implementing Regulation -- 2.3.3. Impact of the lack of regulation -- 2.3.4. European Commission proposals to regulate derivatives -- 2.3.4.1. Purpose of the proposals -- 2.3.4.2. Exemption of derivatives -- 2.3.4.3. Lack of results at the EU Council -- Chapter 3: Characteristics of Derivatives -- 3.1. Introduction -- 3.2. What are derivatives used for? -- 3.2.1. The purpose of derivatives -- 3.2.2. Speculation and arbitrage -- 3.2.3. Hedging | |
| 505 | 8 | |a 3.2.4. Other reasons to trade -- 3.3. Trading platforms -- 3.3.1. Where are derivatives traded? -- 3.3.2. OTC derivatives: Documentation -- 3.3.3. Margins and collateralization -- 3.4. Most common derivatives -- 3.4.1. Introduction -- 3.4.2. Options -- 3.4.2.1. The nature of an option -- 3.4.2.2. The settlement of an option -- 3.4.2.3. Price paid for the option right -- 3.4.2.4. Examples of options -- 3.4.3. Forwards and futures -- 3.4.3.1. Forwards -- 3.4.3.2. Futures -- 3.4.4. Swaps -- 3.4.4.1. What is a swap? -- 3.4.4.2. Interest rate swaps -- 3.4.4.3. Currency swaps | |
| 505 | 8 | |a 3.4.4.4. Credit default swaps -- 3.5. Derivatives: Underlying variables -- 3.6. Execution of derivatives -- 3.6.1. Physical or cash settlement -- 3.6.2. Choosing the method of settlement -- 3.7. EU regulation and derivatives -- 3.7.1. A need for new regulation in the European Union -- 3.7.2. Latest regulation in the financial sector -- 3.7.3. Relationship of VAT with other legislation -- Chapter 4: Legislative Practice in European Countries -- 4.1. Introduction -- 4.2. The United Kingdom -- 4.2.1. Introduction to the UK VAT system -- 4.2.2. UK financial derivatives | |
| 505 | 8 | |a 4.2.3. UK commodity derivatives -- 4.2.4. UK black box scheme -- 4.3. Other European countries -- 4.3.1. Diversity of interpretations in the European Union -- 4.3.2. VAT treatment: Determining factors -- 4.3.3. Role of derivatives as financial services -- 4.3.4. Treatment of commodity derivatives -- 4.3.5. Swaps: Single or several supplies? -- 4.3.6. Options and premium paid -- 4.4. Conclusions -- Chapter 5: Derivative Contracts as Objects of Supplies under VAT -- 5.1. Introduction -- 5.2. Supplies of goods and services under the VAT Directive -- 5.2.1. Definition of goods and services | |
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Derivative securities |x Taxation |x Law and legislation |z European Union countries. | |
| 650 | 0 | |a Value-added tax |x Law and legislation |z European Union countries. | |
| 650 | 7 | |a Value-added tax |x Law and legislation |2 fast | |
| 650 | 7 | |a Derivative securities |x Taxation |x Law and legislation |2 fast | |
| 650 | 7 | |a Securities |2 fast | |
| 650 | 7 | |a Taxation |x Law and legislation |2 fast | |
| 650 | 7 | |a Value-added tax |2 fast | |
| 651 | 7 | |a European Union countries |2 fast | |
| 758 | |i has work: |a Derivatives and the European VAT system (Text) |1 https://id.oclc.org/worldcat/entity/E39PCFqghMFXqRQRqxKCrmphXm |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |a Hokkanen, Marja. |t Derivatives and the European VAT system. |d Amsterdam : IBFD, [2020] |z 9087226357 |w (DLC) 2020399400 |w (OCoLC)1200306663 |
| 830 | 0 | |a Doctoral series ; |v v. 55. | |
| 856 | 4 | 0 | |u https://ebookcentral.uam.elogim.com/lib/uam-ebooks/detail.action?docID=6372021 |z Texto completo |
| 938 | |a ProQuest Ebook Central |b EBLB |n EBL6372021 | ||
| 938 | |a EBSCOhost |b EBSC |n 2652684 | ||
| 938 | |a YBP Library Services |b YANK |n 17010138 | ||
| 994 | |a 92 |b IZTAP | ||