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V0155-18 26 January 2018 · SG de Impuestos sobre el Consumo Criterion in force
IVA · mediación financiera

Financial and insurance mediation activities may be VAT exempt under specific conditions

A car dealership has enquired whether its financial intermediation and insurance agency activities are exempt from VAT. The DGT has ruled that financial mediation and the procurement of insurance clients may be exempt, provided they meet the legal definitions of mediation and the bringing together of parties.

The question raised

1. Whether the exemptions provided for in Article 20.One, paragraphs 18.m) and 16 of Law 37/1992 are applicable to financial and insurance mediation activities respectively.

The DGT's ruling

Financial mediation is exempt if a third party brings the parties together for a contract, going beyond the mere provision of information. In insurance, the exemption applies to customer acquisition and services that bring the insurer and the insured together. These activities are considered differentiated sectors from the company's main activity if they have different CNAE groups and deduction percentages that differ by more than 50 points.

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