Storage services of financial instruments in dematerialized form with 23% VAT
The Minister of Finance in the aforementioned The interpretation stated that the content of the provision of art. 43 section 1 point 43) of the VAT Act stating that the services subject to the tax exemption are the services subject to financial instruments referred to in the Act of July 29, 2005 on trading in financial instruments (O.J. of 2017, item. 1768, as amended) and the number of the people who have died, excluding the storage and management of these instruments, and intermediary services in this respect, precludes the application of the exemption and consequently such services are taxed at 23%. At the same time, the MF stated that the provisions of the VAT Directive and the CJEU jurisprudence are important here, and not national regulations in the form of e. g. The Commission will continue to work on the Civil Code, in accordance with the autonomy of EU law developed. MF, referring to EU case law, stated that trading in securities involves actions which change the legal and financial situation between the parties and are comparable to actions occurring in the case of transfer of ownership or payment. The provision of ordinary physical, technical or administrative services which do not change the legal or financial situation should not be covered by the Directive’s exemption.
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