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V3095-16 4 July 2016 · SG de Impuestos sobre el Consumo Criterion in force
IVA · mediación financiera

Financial mediation services exempt from VAT if the mediator is an independent third party

A query was raised regarding whether chain financial intermediation for products such as loans or deposits is exempt from VAT. The DGT ruled that the exemption applies if the mediator is a third party who brings the parties together without a personal interest, distinguishing this from mere subcontracting or the provision of information.

The question raised

Exemption of said operations.

The DGT's ruling

The exemption for financial mediation requires that the provider be a third party distinct from the parties to the principal contract. Their function must go beyond supplying information or receiving requests, performing activities to enable the parties to enter into the contract. In a chain mediation, each intermediary must perform services inherent to mediation to maintain the exemption. If an intermediary is limited to clerical or information tasks, their service shall be subject to tax.

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