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A company not established in Spain acquires raw materials from local clients, deposits them in warehouses, and holds the right to resell them. The DGT has determined that this does not constitute a supply of goods, but rather a financial loan operation with a pledge, which is exempt from VAT.
Question posed: Classification of the indicated operation for Value Added Tax purposes. Where applicable, invoicing obligations for such operations.
The operation is not a supply of goods because the power of disposal with the rights of an owner is not transferred, as the risks of loss or deterioration fall on the seller. It is classified as a provision of financing services through a loan with a pledge of goods. Said service is exempt from VAT pursuant to Article 20.one.18.c) of Law 37/1992. Customers established in Spain are the taxable persons for the tax.
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