The aim of the research is to define the most common types of derivatives (i.e. commodity and financial options, futures, forwards and swaps) in terms of the European VAT system and to bring clarity to the EU area regarding their VAT treatment on the basis of the VAT Directive, thereby attempting to give concrete answers as to how derivatives should be treated, with specific reference to the scope of the VAT system as defined under articles 1 and 2(1) of the VAT Directive. In addition to the supply of commodities, interesting questions regarding whether derivatives trading can be considered an economic activity as defined under article 9(1) of the VAT Directive are examined.
In addressing the research question, the doctrinal method is appropriate in bringing clarity
to the definition of the scope of VAT as a key first step. The interpretation of articles 2(1)(a)
and (c), 9(1) and 135(1) of the VAT Directive is crucial in this regard and effectively forms
the basis for the research.
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