Many banks and financial institutions also offer a range of services not directly concerned with the provision of monetary finance or financial assistance. As a general rule, these will be taxable in VAT terms, for the most part, at the standard rate.

(1) Standard-rating (i.e. services excluded from exemption)

The more typical standard-rated services found in the banking and financial sector in practice include:

accounting services;



debt collection, credit control and sales ledger accounting services;

electronic message services for financial institutions (Nordea Pankki Suomi Oyj v Finland (Case C-350/10) (28 July 2011));

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