VAT Exemption for Insurance Intermediation Requires Accompanying Consultancy Services, Clarifies IVASS.

• VAT exemption applies to insurance, reinsurance, and annuity operations, including related mandates, mediation, and intermediation services.
• The exemption is straightforward for professionals registered in the insurance intermediaries register.
• Complexity arises when the service is a mere occasional referral.
• The definition of insurance intermediation includes presenting or proposing insurance contracts and assisting in their management.
• The Italian Insurance Code includes consulting and proposing insurance contracts in its definition of distribution activities.
• IVASS clarified that mere referral of names is not considered distribution unless it includes assistance or consulting and involves compensation.
• Courts have ruled that VAT exemption does not apply to referrals of potential clients to banks for financing.

Source: eutekne.info

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