International - Recent Development in the Field of Merchant Banking: The Skandinaviska Enskilda Banken Case and the VAT Treatment of Underwriting
- J. Zutt; L. van Rey
- Derivatives & Financial Instruments, 2011 (Volume 13), No 4
- 19 July 2011
The European Court of Justice has held in the Skandinaviska Enskilda Banken AB Momsgrupp case that underwriting services relating to shares benefit from the VAT exemption laid down in Art. 135(1)(f) of the VAT Directive. In this article, the authors analyse the ECJ’s decision in the SEB AB Momsgrupp case and consider other developments in the field of merchant banking.