Administrative Court Decision On Refund Of VAT To HEX

The Administrative Court of Helsinki has decided on 7 September that HEX Group is entitled to a refund of the value added tax that Helsinki Stock Exchange Ltd paid in 1995 and 1996 on its services relating to stock exchange trading, other public trading and clearing.

According to the Act on Value Added Tax, the decision can be appealed to the Supreme Administrative Court.

The decision by the Administrative Court of Helsinki was preceded by a judgement by the Supreme Administrative Court in January 2001 according to which HEX as a tax liability group is not liable to pay value added tax on services relating to trading and clearing. Prior to this, HEX had appealed to the Court against the preliminary ruling made by the Central Tax Board stating that value added tax had to be paid on said services. HEX also has appealed for the refund of value added taxes paid in 19972000.