Broking: Savings from off shoring swallowed by VAT hikes

Following the introduction of the European Union's VAT Package, many financial institutions (banks, insurers etc.) have been caught out by a change to the VAT rules.  Services bought in from outside Europe - call centres, administration, headquarter recharges - now come with a VAT charge.

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See also www.tmf-vat.com/european-vat for further analysis.
 

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