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Supreme Court Rules Full VAT for Services to Foreign Residents in GFI Securities Case

  • Supreme Court ruling in GFI Securities Limited case
  • Financial intermediary services transaction involving Israeli and foreign residents
  • Transaction considered as providing one service to both parties
  • Denies benefit of zero VAT rate for service to foreign resident
  • Overturns district court verdict from August 2021
  • Legal question regarding VAT on fee collected from foreign bank
  • GFI ruling favored by district court, overturned by Supreme Court
  • Joint service to foreign and Israeli residents negates zero VAT rate
  • Brokerage deal considered as one-service transaction by Supreme Court


Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.


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