The Value Added Tax Act stipulates that, as a general rule, value added tax must be paid on all turnover of goods 0r services. Financial services are exempt from this obligation. The Ministry of Finance has explained the VAT exemption for financial services. Here it is specified that one except financial service may contain ‘elements’ of associated services which in isolation are chargeable. In In such cases, it must be considered whether there are two independent services or whether it exists associated services are of such a nature that they can be considered as an integral part of the main financial performance, thus exempt from tax liability.