Clarification on VAT Treatment of Contracts for Difference (CFDs)

• Greek tax authority circular E.2031/2026 clarifies when the VAT treatment guidance in E.2066/2023 applies to CFDs (Contract for Differences).
• It follows earlier rulings and later discussion by the EU VAT Committee, which led to additional guidance.
• E.2066/2023 said VAT exemption for derivatives applies only to exchange-traded derivatives, not clearly to OTC derivatives like CFDs; therefore CFD-related revenue can be subject to 24% VAT.
• E.2068/2023 clarified that mandatory domestic VAT exemptions under Article 27 of the Greek VAT Code may still apply to OTC derivatives in certain transactions.
• The circular is aimed at persons entering into CFDs and clarifies the timing and scope of these VAT rules.

Source: taxheaven.gr

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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