62009CO0381_EN
Subject of the case
Operative part
Subject of the case
Re:
Reference for a preliminary ruling – Interpretation of Article 13B(d)(3) 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 – Transactions consisting in the grant, negotiation and management of credit – Exorbitant lending activities, unlawful activity according to national law.
Operative part
Operative part
Although exorbitant lending is a criminal offence under the national criminal code it falls, its illegality notwithstanding, within the scope 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. Article 13B(d)(1) of that directive must be interpreted as meaning that a Member State cannot impose value added tax on that activity when the corresponding lawful activity of money lending at rates of interest that are not excessive is exempt from VAT.