The EU VAT Treatment of Shares and Other Securities

34 Pages Posted: 21 Apr 2020 Last revised: 17 Jul 2020

See all articles by Ad van Doesum

Ad van Doesum

Maastricht University, Faculty of Law, Department of Tax Law

Date Written: March 26, 2020

Abstract

The topic of the EU VAT treatment of the issue, acquisition, holding and sale of shares has become a rather complicated subject matter over the last thirty years. There is a vast body of CJEU case law on the VAT consequences of the acquisition, holding and sale of shares. This case law contains crucial ambiguities in its very fundamentals, causing serious legal uncertainty among businesses. Determining the VAT consequences of dealings in shares has become one of the most complex topics in the field of VAT, particularly when it comes to determining the right of deduction. In this paper, the author takes an integrated look at the VAT aspects of dealings in shares and other securities, providing as much clarity where possible, while still recognizing the ambiguities in the case law of the CJEU.

Keywords: VAT, Value Added Tax, Shares, Bonds, Securities, Right of Deduction, Exemptions, Holding Companies, Commercial Share Dealing

JEL Classification: K34

Suggested Citation

van Doesum, Ad, The EU VAT Treatment of Shares and Other Securities (March 26, 2020). Available at SSRN: https://ssrn.com/abstract=3561536 or http://dx.doi.org/10.2139/ssrn.3561536

Ad Van Doesum (Contact Author)

Maastricht University, Faculty of Law, Department of Tax Law ( email )

P.O. Box 616
Maastricht, 6200
Netherlands

HOME PAGE: http://https://www.maastrichtuniversity.nl/about-um/faculties/law/departments/tax-law

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