Insight and Intelligence on the London & International Insurance Markets

4 February 2012

EU throws VAT curveball at reinsurers

26 October 2009

In a reversal of normal industry practice, the European Court of Justice (ECJ) ruled last week (22 October) that value-added tax (VAT) is now liable on the cross-border sale of portfolios of reinsurance business, potentially increasing costs for (re)insurers, according to experts.

The ECJ ruled on a case - Swiss Re Germany Holding GmbH vs Finanzamt München für Körperschaften - that 19 percent German VAT should be paid on a reinsurance portfolio transferred to Swiss Re's parent company by its...

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