Baker McKenzie’s Financial Services Global Regulatory (FSR) Guide acts as a quick reference tool when distributing financial products into new markets, providing a comprehensive summary of regulations applicable to banks and other financial services companies around the world.
In the Danske Bank ruling, the CJEU confirmed that where a branch or head office is in a VAT group, the head office should be considered as a separate taxable person from its branch such that transactions between the head office and branch should be recognized for VAT purposes. Reason being, the head office was a member of a VAT group in one member state while the branch was situated in another member state, and the effects of VAT grouping should only apply on a territorial basis.