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V3944-15 9 December 2015 · SG de Impuestos sobre el Consumo Criterion in force
IVA · exención

Securities clearing services provided by a central counterparty are exempt from VAT

A central counterparty has requested clarification on whether its securities clearing services are exempt from VAT. The DGT has ruled that these operations, by extinguishing purchase and sale obligations, constitute exempt financial services.

The question raised

Issue raised: Exemption in the provision of services by the applicant.

The DGT's ruling

Clearing services involving the discharge of securities purchase and sale obligations are exempt from VAT pursuant to Article 20.One.18)k) of Law 37/1992. The fact that the provider is not a financial institution is irrelevant, as the exemption depends on the type of transaction and not on the entity performing it. These functions affect the legal and financial status of the parties, fulfilling the essential functions of the exempt financial service.

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