Netherlands: Guidance on scope of VAT exemption for intermediation activities in shares and other securities transactions
Effective October 16, 2025
The Deputy Minister of Finance on October 15, 2025, published a decree providing guidance on the scope of the value added tax (VAT) exemption for intermediation activities in shares and securities transactions, in particular with regard to corporate finance services. The decree is effective October 16, 2025.
The decree provides a broad application of the VAT exemption. Specifically, the exemption applies if the service provider performs activities covering all of the following stages:
- Orientation and introductory stage
- Information and preparatory stage
- Negotiating stage
- Conclusion of a contract
Such all-in corporate finance services therefore fall within the scope of the VAT exemption. However, if the all-in process is interrupted, that does not in itself preclude the application of the exemption. If the services provided do not encompass all four stages, the application of the exemption must be assessed separately. Substantive or technical services that do not result in a share transaction do not fall under the VAT exemption. Examples given of this are the mere provision of an information memorandum, advice on business valuation, preparing a business for sale or providing legal services. Nonetheless, the aggregation of multiple third-party purchase and sale orders for securities, for example on a stock exchange, do fall under the exemption
KPMG observation
The decree does not offer any clarity for the past or a transitional period.
Read an October 2025 report prepared by the KPMG member firm in the Netherlands