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V1296-20 7 May 2020 · SG de Impuestos sobre el Consumo Criterion in force
IVA · mediación

Financial product mediation may be VAT exempt if the intermediary performs an active role

A company sought clarification on whether its financial intermediation services between individuals and banks were exempt from VAT. The DGT explains that for mediation to be exempt, the service must go beyond the mere provision of information or advertising.

The question raised

Exemption in the provision of such services.

The DGT's ruling

For mediation to be exempt, the provider must be an independent third party that brings the parties together and performs functions that go beyond the mere provision of information or receipt of requests. Mediation is considered to occur if the intermediary advises, negotiates terms on behalf of the client, or connects the client with the entity by facilitating the contracting process. The mere supply of information, advertising, or the passive management of calls and forms does not qualify as exempt mediation.

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