Keywords
Summary

Keywords

Tax provisions – Harmonisation of laws – Turnover taxes – Common system of value added tax – Exemptions provided for in the Sixth Directive – Transactions involving instruments referred to in Article 13B(d)(5)

(Council Directive 77/388, Art. 13B(d)(5))

Summary

Article 13B(d)(5) of Sixth Directive 77/388 on the harmonisation of the laws of the Member States relating to turnover taxes must be interpreted as meaning that the exemption from VAT laid down therein covers services supplied by a credit institution, for consideration, in the form of an underwriting guarantee to a company wishing to issue shares, when under that guarantee the credit institution undertakes to acquire any shares not subscribed within the period for share subscription.

(see para. 38, operative part)