- The European Court of Justice (ECJ) recently ruled on a case involving the application of VAT exemption for financial services.
- The case concerned Fund O, which planned to enter into agreements with banks or other investment funds.
- The agreements involved the transfer of revenue from receivables to Fund O, up to a specified financial sum.
- The difference between the amount paid to the originator and the amount received by Fund O represented Fund O’s reward.
- Fund O sought a tax opinion to confirm VAT exemption for the services, but the Ministry of Finance rejected the exemption.
- The case reached the ECJ, which determined that the services provided by Fund O fell under the concept of credit provision exempt from VAT.
Source Accace
See also
- Join the Linkedin Group on ECJ VAT Cases, click HERE
- VATupdate.com – Your FREE source of information on ECJ VAT Cases
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