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A private resident of the Canary Islands asks whether discretionary portfolio management services provided by a VAT-applicable entity are subject to VAT. The DGT responds that, as the recipient is a private individual with residency in the Canary Islands, the service is considered delivered within Spain and is subject to the standard VAT rate.
Question raised: Place of supply of the referred services for the purposes of taxation under Value Added Tax.
Discretionary portfolio management services are not exempt from VAT. Pursuant to Article 69 of Law 37/1992, when the recipient is not a businessperson or professional, the supply is deemed to be made within the territory of application of the tax if their domicile or habitual residence is in the Community, including the Canary Islands, Ceuta, or Melilla. Therefore, if the client resides in the Canary Islands, the general tax rate of 21 percent applies.
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