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The applicant asks whether positive settlements from futures contracts used to hedge price risks are subject to VAT. The DGT determines that these inflows do not constitute consideration for a service; therefore, they are not subject to the tax and should not be included in the pro rata calculation.
This ruling clarifies that hedging activities through derivatives do not generate taxable turnover for VAT purposes, preventing the distortion of the pro rata calculation for businesses with mixed activities.
The tax team reviews your specific situation.
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