Introduction
The Belgian VAT authorities have recently issued a new circular (Circulaire 2024/C/80) that has significant implications for insurers and clients involved in the insurance industry. This circular marks a departure from the current approach to VAT recovery, particularly in relation to irrecoverable debts. In this article, we will explore the impact of this new circular on the industry and how key players like PwC and Euler Hermes are responding to these changes.
PwC and Euler Hermes Set for Split
One of the key developments in the wake of the new Belgian VAT circular is the split between PwC and Euler Hermes. PwC, a leading professional services firm, and Euler Hermes, a global credit insurance company, have traditionally had a close working relationship. However, the new VAT regulations have forced them to reevaluate their partnership and chart new paths forward.
Expertise in Export Credit Business
One area where both PwC and Euler Hermes have built a strong reputation is in the export credit business. With their deep expertise and experience in this field, they have been instrumental in helping clients navigate the complexities of international trade and manage their credit risks effectively. The new VAT regulations are likely to impact how these services are delivered and may require a rethinking of existing strategies.
Ulrich Schulte Lünzum: A Key Figure in the Industry
Ulrich Schulte Lünzum, a prominent figure in the insurance industry, has been closely involved in the discussions surrounding the new Belgian VAT circular. As a respected expert in the field, his insights and perspectives are highly valued by both PwC and Euler Hermes. His contributions are expected to shape the way forward for both companies as they adapt to the changing regulatory landscape.
Flash Update: New Position of Belgian VAT Authorities on Credit
The new position taken by the Belgian VAT authorities on credit has sent shockwaves through the industry. The implications of this shift are far-reaching, affecting not only insurers and clients but also other stakeholders in the ecosystem. Companies like PwC and Euler Hermes are now tasked with finding innovative solutions to mitigate the impact of these changes and ensure compliance with the new regulations.
Signing Ceremony of a Memorandum of Understanding Between PwC and Euler Hermes
In light of the evolving regulatory environment, PwC and Euler Hermes recently signed a memorandum of understanding to reaffirm their commitment to collaboration and partnership. This agreement underscores the importance of working together to address the challenges posed by the new VAT regulations and finding mutually beneficial solutions for their clients.
No VAT Refund for Insurer Regarding Irrecoverable Debts
One of the key provisions of the new Belgian VAT circular is the denial of VAT refunds for insurers in cases of irrecoverable debts. This represents a significant departure from the previous practice and has raised concerns among industry players. Companies like Euler Hermes are now grappling with the implications of this change and exploring ways to adapt their business models accordingly.
Euler Hermes is Now Allianz Trade
In another significant development, Euler Hermes has rebranded itself as Allianz Trade, aligning itself more closely with its parent company, Allianz. This rebranding effort is aimed at strengthening the company's position in the market and leveraging the broader resources and capabilities of the Allianz group. The transition to Allianz Trade is expected to bring about new opportunities and challenges for the company in the context of the changing regulatory landscape.
New Managing Director for Euler Hermes
To lead Allianz Trade through this period of transition, Euler Hermes has appointed a new Managing Director. The new MD will play a key role in shaping the company's strategy, navigating regulatory changes, and driving growth in the evolving market environment. With their expertise and leadership, the new MD is expected to guide Allianz Trade through the challenges and opportunities that lie ahead.
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