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V1787-15 8 June 2015 · SG de Impuestos sobre el Consumo Criterion in force
IVA · exención financiera

The transfer of credits and the provision of financial guarantees are exempt from VAT

The inquiry analyzes the VAT exemption on the transfer of credits and the provision of guarantees, as well as its impact on deductions, the Transfer Tax and Stamp Duty (ITPAJD), and the Economic Activities Tax (IAE). The DGT determines that these financial operations are exempt from VAT and that the establishment of guarantees does not constitute an economic activity for the purposes of the IAE.

The question raised

Question 1. Whether the transfer of the credit and the assumption of the guarantee are exempt from Value Added Tax. 2. Right to deduction following said operations. 3. Consequences for the Transfer Tax and Stamp Duty. 4. Obligation to register for the Economic Activities Tax (IAE).

The DGT's ruling

The transfer of loans or credits and the provision of bail or guarantees relating to pecuniary obligations are exempt from VAT pursuant to Article 20.one.18 of Law 37/1992. If the taxable person opts for the special pro rata, they may deduct the tax amounts on goods and services used exclusively in taxable operations, but not in exempt ones. The transfer of a mortgage credit by a VAT taxable person is not subject to the ITPAJD. The establishment of guarantees to secure third-party debt does not constitute an economic activity for the purposes of the IAE.

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