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V2839-18 26 October 2018 · SG de Impuestos sobre el Consumo Criterion in force
IVA · mediación

Mediation in financial and insurance products may be VAT exempt if it involves active services

An entity queried whether its marketing activities for financial and insurance products were exempt from VAT. The DGT ruled that exemption depends on whether the service constitutes mere information provision or genuine mediation that adds value to the contracting process.

The question raised

Whether said marketing activity in financial and insurance products is exempt from Value Added Tax.

The DGT's ruling

For financial products, mediation requires that the provider be an independent third party and that its functions go beyond the mere provision of information, performing actions to ensure the transaction is carried out. For insurance, the exemption applies to client solicitation, advisory services, or work prior to contracting, provided that the provider participates in bringing the parties together. The mere provision of data, advertising, or the management of claims and loss adjustments are not exempt.

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