Services are provided to a bank operating automated teller machines (ATMs) which consist of setting up and maintaining these machines, replenishing them with cash and equipping them with hardware and software for reading the cash card data, forwarding authorisation requests for cash withdrawals to the bank which issued the cash card used, making the desired cash withdrawal and registering withdrawal transactions are not tax exempt supplies with the meaning of Section 4 No. 8 letter d of the VAT Act. This was the finding of the Supreme Tax Court on 13 November 2019, published on 19 December 2019. Continue reading
Tax & Legal
In its judgment in Morgan Stanley (C-165/17) on 24 January 2019, the ECJ ruled on the ratio of deductible input tax in relation to the internal supplies of a French branch to its head office, a financial service provider in the UK. Continue reading
The ECJ has held that portfolio management services provided by a bank do not fall under the investment dealing exemption, but are, as a financial service, taxable in the country of the non-business customer. Continue reading
An ECJ advocate general has suggested the court hold the portfolio management services offered by banks to private customers are subject to VAT where the bank is resident, or in the state of residence of the customer if outside the EU. Continue reading