Relevant article in the EU VAT Directive 2006/112/EC
Article 135(1)(f) of the EU VAT Directive 2006/112/EC
Article 135
1. Member States shall exempt the following transactions:
(f) transactions, including negotiation but not management or safekeeping, in shares, interests in companies or associations, debentures and other securities, but excluding documents establishing title to goods, and the rights or securities referred to in Article 15(2);
Article in the Sixth VAT Directive: 13(B)(d)(5)
ECJ Cases Decided
- C-2/95 (SDC) – Exemptions based on service nature, not supplier or recipient
- C-80/95 (Harnas & Helm) – The mere acquisition of ownership in and the holding of bonds is not an economic activity
- C-102/00 (Welthgrove) – Involvement of a holding company in the management of its subsidiaries constitutes an economic activity…
- C-235/00 (CSC Financial Services) – The supply of a mere physical, technical or administrative service related to transactions in securities is not exempted
- C-29/08 (SKF) – VAT deduction related to disposal of shares if there is a direct and immediate link with the overall economic activities
- C-540/09 (Skandinaviska Enskilda Banken) – VAT exemption also applies to services provided by a credit institution in the form of an issuance guarantee
- C-44/11 (Deutsche Bank) – No Exemption for transactions relating to the management of securities-based assets (portfolio management))
- C-259/11 (DTZ Zadelhoff) – Mediation in the transfer of shares in companies – Act that also involves transfer of ownership of…
- C-139/12 (Caixa d’Estalvis i Pensions de Barcelona) – Acquisition of shares of an entity with immovable property assets can…
- C-461/12 (Granton Advertising) – No exemption for the sale of a discount card
- C-615/16 (Kerr) – Usage rights for immovable property – Concept of “negotiation”
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