On 9 February 2023, the Court of Justice of the European Union (CJEU) delivered a significant ruling in the Euler Hermes case, impacting the insurance industry and VAT regulations. The case involved an insurance company, Euler Hermes, paying compensation to policyholders for unpaid debts, including VAT. This ruling has far-reaching implications and has sparked several developments within the industry, particularly in relation to VAT refunds and credit management.
PwC and Euler Hermes Set for Split
Following the CJEU ruling in the Euler Hermes case, PwC and Euler Hermes are set for a split. The decision has led to a reevaluation of the partnership between the two entities, with potential changes in their business relationship going forward. This development has raised questions about the future direction of both companies and how they will navigate the evolving regulatory landscape.
Flash Update: New Position of Belgian VAT Authorities on Credit
In light of the CJEU ruling and the changing dynamics in the insurance sector, the Belgian VAT authorities have taken a new position on credit management. This update is significant for insurers like Euler Hermes, as it may impact their ability to claim VAT refunds on irrecoverable debts. The revised stance by the Belgian authorities underscores the need for companies to stay abreast of regulatory changes and adapt their practices accordingly.
Expertise im Exportkreditgeschäft
The expertise of Euler Hermes in export credit management has long been recognized in the industry. With a strong track record of supporting businesses in managing risks associated with international trade, Euler Hermes has positioned itself as a leader in this specialized field. The CJEU ruling and subsequent developments have further highlighted the importance of expertise in export credit management and the need for companies to partner with knowledgeable and experienced providers.
No VAT Refund for Insurer Regarding Irrecoverable Debts
One of the key outcomes of the CJEU ruling in the Euler Hermes case is the clarification that insurers may not be entitled to claim VAT refunds on irrecoverable debts. This decision has significant implications for insurance companies that offer coverage for unpaid debts, as it may impact their financial outlook and tax obligations. Companies like Euler Hermes will need to reassess their VAT refund policies in light of this ruling and ensure compliance with the new guidelines.
Ulrich Schulte Lünzum
Ulrich Schulte Lünzum, a prominent figure in the insurance industry, has been closely involved in the developments surrounding the Euler Hermes case. As a respected expert in the field of credit management and insurance regulation, Schulte Lünzum's insights and analysis have provided valuable perspectives on the implications of the CJEU ruling. His contributions have helped stakeholders better understand the complexities of the case and its impact on the broader insurance landscape.
Euler Hermes is Now Allianz Trade
In a significant rebranding move, Euler Hermes has been rebranded as Allianz Trade, aligning the company more closely with its parent company, Allianz. This change reflects a strategic realignment within the Allianz Group and underscores the integration of Euler Hermes into the broader Allianz portfolio. The rebranding of Euler Hermes to Allianz Trade signals a new chapter for the company and its positioning in the insurance market.
New Managing Director for Euler Hermes
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