Preface; Contents; Editors and Contributors ; Abbreviations; Introduction: Scope and Purpose of this Volume; Establishing the VAT and Financial Supplies Benchmarks; 1 Theories of Consumption and the Consequences of Partial Taxation of Financial Services; Abstract; 1.1 The Concept of Consumption; 1.2 The Consequences of Partial Taxation of Financial Services; 1.2.1 Mixed and Composite Supplies; 1.2.2 Change of Use; 1.2.3 Sale of Used Business Assets; 1.2.4 Input Tax Allocation; 1.3 The Challenge; References; Loans and Intermediary Services

2 Taxing Loan Intermediary Services: Theory and Design ConsiderationsAbstract; 2.1 Introduction; 2.2 Characterizing Loan Principal, Interest and Loan Intermediary Services for VAT Purposes; 2.2.1 Loan Principal; 2.2.2 Interest; 2.2.3 Loan Intermediary Services; 2.3 Alternative Methods of Taxing Financial Services; 2.3.1 Treating Financial Services as Exempt Supplies; 2.3.2 Recharacterizing Loans as Ordinary Business Supplies; 2.3.3 Limited Input Tax Credits for Financial Loan Service Suppliers; 2.3.4 Zero-Rating; 2.3.5 Addition Method; 2.3.6 Subtraction Method; 2.3.7 Cash Flow Method

2.3.8 Modified Reverse Charge2.4 Summary, Conclusions, and Policy Objectives; References; 3 Loan Intermediary Services: Argentina; Abstract; 3.1 General Description; 3.1.1 Legal Framework; 3.1.2 VAT Scope: Financial Supplies-Loan Intermediary Services; 3.1.3 Tax Point; 3.1.4 Place of Supply or Equivalent; 3.1.5 Chargeable Amount: Valuation; 3.1.6 Tax Rate; 3.1.7 Exempt Supplies or Equivalent; 3.1.8 Deduction and Recovery of Input Tax; 3.1.8.1 Input Tax Eligible for a Deduction/Credit; 3.1.8.2 Deduction Rules for Mixed Transactions; 3.1.8.3 Timing of the Deduction or Credit

3.1.9 State, Provincial or Local Indirect Taxes3.2 Account Fees; 3.3 ATM Fees; 3.4 Credit Card Purchase Surcharges; 3.5 Facilitators of Loans; 3.6 Finance Leases; 3.6.1 Tax Point; 3.6.2 Special Exemption; 3.6.3 Leasing of Motor Vehicles; 3.6.4 VAT Financing; 3.6.5 Optional Regime to Offset Output VAT in Advance; 3.6.6 Leasing Contracts on Real Estate; 3.6.7 Leaseback Transactions; 3.7 Non-financial Services that Might Be Deemed to be Financial; 3.7.1 Safe Deposit Boxes; 3.7.2 Implicit and Explicit Loans in the Course of Business; 3.8 Gross Income Tax; References

4 Loan Intermediary Services: AustraliaAbstract; 4.1 Introduction; 4.2 What Are Financial Supplies?; 4.2.1 The Definition of Financial Supplies; 4.2.2 Credit Card Surcharges; 4.3 Recovery of Input Tax by Financial Suppliers; 4.3.1 The General Apportionment Rule; 4.3.2 The de Minimis Exception to Apportionment; 4.3.3 The 'Acquisition Supply'; 4.3.4 Borrowing-Related Costs; 4.4 Reduced Input Tax Credits; 4.5 Imported Services Provided to Enterprises Making Financial Supplies; 4.6 Exported Financial Supplies; 4.7 Reform Recommendations; References; 5 Loan Intermediary Services: Brazil; Abstract