VAT exemption for credit negotiation: What changes with the Versãofast judgment and the Portuguese Tax Authority's new guidance?
03/11/2026
The VAT treatment of credit intermediation services has just undergone a major evolution.
Following the General Court of the European Union's judgment in the Versãofast case (T-657/24), the Portuguese Tax Authority has issued Circular Letter No. 25122/2026, adopting a material and functional approach focused on what the intermediary actually does, rather than merely on its formal status.
Key takeaways:
Acting in the lender's name is not required.
A lack of authority over final terms or the client's freedom of choice do not defeat the exemption.
The focus is whether the service effectively contributes to concluding credit agreements.
Practical impact: Requires reviewing service mapping, contracts, invoicing, and input VAT recovery.
At MFA Legal & Tech, our Indirect Taxes team has prepared a detailed analysis on how to adapt your operations to these new criteria.
Want to know how this guidance affects your business model and VAT management? Check out the full document below or get in touch with our team for further information:
