The case examined concerns a holding company that intends to sell a share of the shareholding held in another company. To this end, the holding company has appointed an investment bank to support it in the selection of the transferee. The services aimed at carrying out the sale of an equity investment are part of the brokerage of securities. Therefore, the VAT exemption regime is applied to these services. The investment advisory service provided without any intervention / participation of the consultant / service provider in the conclusion of the contract between the customer / potential investor and the party promoting / issuing the securities is not classified as a trading activity / VAT exempt brokerage.
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