PART I. Exemptions – General Considerations. Chapter 1. Ending VAT Exemptions: Learning from Experience, Towards a Post-Modern VAT; R. de la Feria, Richard Krever. Chapter 2. The EU Perspective on VAT Exemptions; J. Englisch. Comments: The EU Perspective on VAT Exemptions; R. Lyal. PART II. Exemptions for Public Services and Merit Products. Chapter 3. VAT Treatment of Public Sector Bodies: The Canadian Model; P.-P. Gendron. Chapter 4. Smoke and Mirrors: Applying the Full Taxation Model to Government under the Australian and New Zealand GST Laws; R. Millar. Chapter 5. Comparing the Treatment of Charities under Value Added Taxes and Retail Sales Taxes; W. Hellerstein. PART III. Exemptions for Gambling. Chapter 6. VAT on Gambling; Y. Margalioth. Comments: VAT on Gambling; A. Schenk. PART IV. Exemptions for Immovable Property. Chapter 7. A Proposal to Improve the VAT Treatment of Housing in the European Union; S. Cnossen. Chapter 8. VAT and Immovable Property: Full Taxation Models and the Treatment of Capital Gains on Owner-Occupied Residences; R. Millar. PART V. Exemptions for Insurance and Financial Services. Chapter 9. VAT and Financial Services: Competing Perspectives on What Should Be Taxed; H. Grubert, R. Krever. Chapter 10. Further Thoughts on Reforming the VAT: Treatment of Financial Intermediation Services; H. Zee. Comment: Is the Comprehensive Application of Cash-Flow Taxation Necessary to Integrate Financial Services into an Invoice/Credit VAT? T. Edgar