Court of Justice of the European Communities (Fifth Chamber).

C Gulman, President of the Chamber, M Wathelet, JC Montinho, de Almeida, P Jann and L Sévon JJ, CO Lenz, Advocate General.

Judgment delivered 14 July 1998.

Value added tax – Foreign exchange transactions – Market-making trade in foreign exchange – No fee or commission charged – Whether taxable supplies of services – Whether consideration given – Sixth VAT directive (Directive 77/388) of 17 May 1977, art. 2(1), 11(A)(1)(a).

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