Norway: VAT exemption confirmed for share trading and crowdfunding services
The Tax Administration published Tax Appeals Board Decision No. SKNS1-2025-7, clarifying the VAT treatment of services provided by an investment firm operating a digital marketplace for crowdfunding and secondary share trading.
The case reviewed VAT implications for services provided under two types of agreements: a start-up agreement and an engagement agreement. The Tax Office had earlier ruled that only the services under the engagement agreement qualified as VAT-exempt intermediary services, while the start-up services were considered taxable.
Upon appeal, the Tax Appeals Board upheld the original decision, concluding:
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Services related to arranging share issues qualify as financial services and are exempt from VAT under Section 3-6 of the Norwegian VAT Act.
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Marketplace services for secondary trading of shares also fall under financial services, and are therefore VAT exempt.
The taxpayer’s argument that all services should be treated as ordinary taxable administrative services was rejected.
Source: skatteetaten.no
