International - The Nordea Case and the VAT Treatment of SWIFT Services
- J. Zutt; P. Hewitt
- Derivatives & Financial Instruments, 2011 (Volume 13), No 6
- 17 October 2011
The European Court of Justice has held in the Nordea case that SWIFT services are to be regarded as standard rated. While this does not change anything in most EU Member States, it will have a major impact on financial institutions in Member States where these services were being treated as VAT exempt.