Italy Tax Agency Clarifies VAT Exemption for Financial Consultancy Services Provided by Third Party

The Italian Revenue Agency July 4 issued Letters Nos. 360, 361, 362, 363, and 364, clarifying the VAT exemption for financial consultancy services provided by a third party. The tax agency clarified that: 1) a third party or broker, that has no vested interest in the transaction, can claim the VAT exemption for providing financial advisory services; 2) a company that provides multiple financial advisory services as a part of its own consultancy business can’t claim the exemption; 3) a company assisting other companies with acquiring shares and charging a fee as a percentage of the transaction can’t claim the ...