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V2355-19 20 September 2019 · SG de Impuestos sobre el Consumo Criterion in force
IVA · mediación financiera

No obligation to issue invoices for exempt financial mediation services provided by credit institutions

An insurance mutual fund sought clarification on when to declare exempt invoices for financial mediation services received from a financial institution. The Directorate General for Taxes (DGT) ruled that, as the mediation is performed by a credit institution, there is no obligation to issue an invoice, although the mutual fund must still record the received invoice in the SII (Immediate Supply of Information system).

The question raised

Formal obligations in relation to the exempt services described for the purposes of Value Added Tax.

The DGT's ruling

There is no obligation to issue an invoice for exempt operations pursuant to Article 20.one.18. of the VAT Law when carried out by credit institutions. However, the entity receiving the service must maintain the register of invoices received. The submission of this information to the SII must be carried out within a period of four calendar days from the accounting entry, and before the 16th day of the month following the settlement period.

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