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V2601-22 ·21 December 2022 ·consulta-vinculante Medium impact
Tax

Euro banknote transfers between central banks under cooperation agreements are not subject to VAT

The Bank of Spain has requested a ruling on whether the transfer of euro banknotes resulting from a collaboration agreement with the Bank of Italy constitutes an economic activity subject to VAT. The Directorate-General for Taxes (DGT) has ruled that these operations are carried out in the exercise of public functions rather than as a business activity.

In 6 key points

How it affects those involved

This ruling clarifies the tax status of inter-central bank cooperation, confirming that such transfers fall outside the scope of VAT as they are part of public duties.

Lifecycle

2022-12-21PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
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