Poland MOF Posts Interpretation Note Clarifying VAT on Storage Services for Financial Instruments

The Polish Ministry of Finance Jan. 20 posted online an interpretation note clarifying the VAT treatment of storage services for financial instruments, whether material or dematerialized. Storage services are subject to the general 23 percent VAT rate and aren’t included in the EU VAT directive exemption. The agency clarified the tax treatment is the same for material and dematerialized instruments, since the financial and legal result of the service is the same. Storage services for financial instruments aren’t considered comparable to a transfer of ownership by the Polish court, or by the European Court of Justice. [Poland, Ministry of Finance, ...