The Amsterdam Court of Appeal rules that credit rating services are not exempt from turnover tax. An appeal to the banking resolution fails.
X provides interest-bearing loans to its shareholder, a Spanish company. X is therefore an entrepreneur for VAT purposes and only performs exempt services. X obtains the capital for the loans by issuing bonds and commercial papers on the Luxembourg stock exchange. X uses the services of two credit rating agencies, located within the EU but not in the Netherlands. The inspector states that the services provided to X are not advisory services, but credit rating services that are not exempt, as a result of which X must declare reverse charge sales tax. X appeals.
Source Taxlive
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