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Financial Mediation: DGT doctrinal evolution

How the DGT's position on this topic has evolved, and the rulings it rests on.

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How the DGT's position has evolved

Settled doctrine High confidence 26 rulings · 2014–2026

Current position

Exempt financial mediation requires the provider to be an independent third party performing an active role in bringing the parties together. This role must go beyond the mere provision of information or the receipt of requests, including functions such as advising, negotiating terms, or providing added value. If the client has already selected the investor or the service is limited to automating processes without real intervention, the activity is classified as professional advisory services subject to IVA (Value Added Tax).

The DGT's position remains constant in requiring an active role in bringing parties together that exceeds the mere provision of information. Throughout various rulings, it has been specified that if the parties have already been contacted or the service is merely instrumental, the exemption does not apply. The doctrine has progressively delimited the boundary between exempt mediation and professional advisory services subject to IVA.

Turning points

  1. V0809-19

    Establishes that if the buyer or seller have already been previously contacted, the task of advising or drafting contracts does not constitute exempt mediation, but rather professional advisory services subject to IVA.

  2. V1645-20

    Specifies that when analysis, valuation, and execution services form an inseparable set, they constitute a single provision of financial advisory services subject to IVA.

Analysis based on 23 of 26 rulings with a stated position. Updated 24 September 2026.

Rulings on this topic

24
V0762-26 6 Apr 2026

Financial mediation exemption requires active party approach

SG de Impuestos sobre el Consumo
mediación financieraexencióncambio de divisasoperación de coberturasuministro de información LIVA — Ley 37/1992 del IVA art. 20.Uno.18º-m)LIVA — Ley 37/1992 del IVA art. 20.Uno.18º-j)
Affects CompanyExpat · Non-residentIndividual
V2018-22 21 Sept 2022

Acquisition of an autonomous economic unit may be exempt from VAT

SG de Impuestos sobre el Consumo
unidad económica autónomamediación financieraprorrataexencióntransmisión de activos LIVA — Ley 37/1992 del IVA art. 4.1LIVA — Ley 37/1992 del IVA art. 4.2
Affects CompanyExpat · Non-residentIndividual
V2670-21 4 Nov 2021

Loan between linked entities exempt from VAT

SG de Impuestos sobre el Consumo
mediación financieraconcesión de préstamoentidades vinculadasexención de IVAvalor normal de mercado LIVA — Ley 37/1992 del IVA art. 4LIVA — Ley 37/1992 del IVA art. 5
Affects CompanyExpat · Non-residentIndividual

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