The Nordea Case and the VAT Treatment of SWIFT Services

Journal
Zutt, J.; Hewitt, P.
International
Finance and Capital Markets (formerly Derivatives & Financial Instruments) 2011 (Volume 13), No. 6
FormatPDF
EUR
45
| USD
50 (VAT excl.)

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.