Financial Services & VAT: Understanding exempt activities and recoverability in practice – Brandon Gatt & Andrea Rottoli

The VAT exemptions for financial services were drafted for a different era. Today’s business models, from digital platforms to outsourced investment structures, regularly expose gaps and uncertainties in how these exemptions apply. Understanding the true nature of each transaction is therefore critical before assessing whether an exemption is available.

This session will take a practical look at the core exemptions, highlight where interpretation has become challenging, and examine the landmark CJEU judgments that have reshaped the VAT treatment of financial
services in recent years. Through real examples, we will explore how these principles apply in practice and where risks or opportunities typically arise.