Demands for clarification of VAT on share dealing

The Finance Ministry has yet to clarify its position on VAT taxation of trade in shares, a matter, which is ambiguous in the new VAT law. It is not known whether trading in shares is subject to VAT and if so, whether a tax exemption can be applied. The Ministry said in a statement, that these types of operations are financial intermediation services and that their potential exemption from VAT should be analyzed on a case-by-case basis. According to Arkadiusz Michaliszyn, tax advisor at Cameron McKenna, the Ministry should make it clear, that trading in shares fits the definition of commercial activity and is exempt from VAT. (Puls Biznesu, p.3) T.J.