taxud/2414/08 - European Commission - Europa

(12) the arrangement of credit facilities;
In some cases such credit facilities are granted for a specific monetary account and for
remuneration without the client using these facilities because he does not need them in a
concrete case but might in the future and therefore arranges them for use when needed. In
such cases they are not covered by the exemption for "granting of credits".
(gg) exchange of currency
Under Article 135a (6) of Directive 2006/112/EC "exchange of currency" means the
supply of services whereby a person changes the currency of bank notes or coins
normally used as legal tender, of deposits or of money in a monetary account on the basis
of rates of exchange between currencies of countries; This provision is complemented by
Article 7 of the Regulation which provides for the following:
The definition of "exchange of currency" provided for in point (6) of Article 135a of
Directive 2006/112/EC shall not cover the following:
(1) transactions involving collectors' items, such as gold, silver or other metal coins
or bank notes normally not used as legal tender or coins of numismatic interest;
Such commodities are not used as legal tender and must therefore be excluded from the
definition of "exchange of currency ";
(2) the exchange of currencies not of legal tender
Such services include the exchange of virtual currencies. These are currencies which are
not backed by a government, they are thus not legal tender, for example units of account
and usually apply in a limited environment; they are often tokens issued by businesses to
encourage consumer loyalty, for example bonus vouchers, collectable points which can
be exchanged against goods or services, etc.;
(hh) provision of cash
Under Article 135a (6) of Directive 2006/112/EC "cash" means bank notes and coins
normally used as legal tender or negotiable means of payment. This provision is
complemented by Article 8 of the Regulation which provides for the following:
The "provision of cash" as referred to in point (d) of Article 135(1) of Directive
2006/112/EC shall cover at least the following:
(a)
cash dispensing, whether manual or automatic;
Cash dispensing is the manual or automatic distribution of bank notes and coins or the
storage of e-money in appropriate cards or other e-money storage devices using for
example debit and credit card services, nowadays such dispensing of cash is increasingly
done with machines. With a cash dispenser, the customer identifies himself with a
magnetic stripe or chip device, which allows him to withdraw money from the dispenser
or upload money value into another electronic device or the same card. Such services
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