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V2265-25 ·25 November 2025 ·consulta-vinculante Low impact
Tax

Outsourced portfolio management services for non-enterprises outside EU may be VAT-exempt

An entity asks about the place of performance of discretionary portfolio management services provided to non-enterprise entities outside the Community. The DGT states that such services are generally VAT-exempt, except where the effective use and exploitation rule applies within Spanish territory.

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2025-11-25PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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