7.5.2011

Official Journal of the European Union

C 139/8

(Case C-540/09) (<span class="super">1</span>)

(Reference for a preliminary ruling - Sixth VAT Directive - Article 13B(d)(5) - Exemptions - Underwriting guarantee provided against payment of a commission by credit institutions to the issuing companies in respect of a share issue on the capital markets - Transactions in securities)

2011/C 139/12

Language of the case: Swedish

Referring court

Parties to the main proceedings

Applicant: Skandinaviska Enskilda Banken AB Momsgrupp

Defendant: Skatteverket

Re:

Reference for a preliminary ruling — Högsta förvaltningsdomstolen (formerly Regeringsrätten) — Interpretation of Article 13 B of Sixth Council Directive 77/388/EEC of 17 May 1977 on the harmonisation of the laws of the Member States relating to turnover taxes — Common system of value added tax: uniform basis of assessment (OJ 1977 L 145, p. 1) — Exemptions — Underwriting guarantee issued by a bank to a company issuing new shares in return for payment of a commission — Transaction consisting in an undertaking by the bank to acquire part of the shares in the issuing company in the event that an insufficient number of shares is subscribed, in order to guarantee to the issuing company the financing sought by the issue (underwriting)

Operative part of the judgment

Article 13B(d)(5) of Sixth Council Directive 77/388/EEC of 17 May 1977 on the harmonisation of the laws of the Member States relating to turnover taxes — Common system of value added tax: uniform basis of assessment must be interpreted as meaning that the exemption from VAT laid down therein covers services supplied by a credit institution, for consideration, in the form of an underwriting guarantee to a company wishing to issue shares, where under that guarantee the credit institution undertakes to acquire any shares which are not subscribed within the period for share subscription.

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Language of the case: Swedish.

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(<span class="super">1</span>) OJ C 51, 27.2.2010.