[영문]This paper contains a proposal (referred to as the qqqquot;modified reverse?chargingqqqquot; approach) to tax financial intermediation services under a VAT. At the heart of the proposal is the application of a reverse charge that shifts the collection of the VAT on deposit interest from depositors to banks, in conjunction with the establishment of a franking mechanism managed by banks that effectively transfers the VAT so collected to borrowers as credits against the VAT on their loan interest on a transaction?by?transaction basis. The proposal is fully compatible with an invoice?credit VAT and is capable of delivering the correct theoretical result at minimal administrative costs.