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A VAT/GST Perspective on Crowdfunding

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VAT and Financial Services

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Abstract

Crowdfunding is not a new phenomenon. It has become increasingly relevant and has advanced to a position of representing competition to traditional financing structures. While at the outset social, altruistic notions and sponsoring were the most relevant drivers of crowdfunding, equity and debt models seem to be the broader future of this phenomenon. The thriving popularity of crowdfunding leads to questions on the tax treatment of crowdfunding. While some authors have dealt with specific issues for direct tax purposes, this chapter will attempt an analysis for VAT/GST purposes and a comparative law examination of the treatment of crowdfunding under different VAT/GST systems. Only a few jurisdictions have given guidance on the VAT/GST treatment of crowdfunding, such as amongst others Australia. On the level of the European Union, the European Commission has referred crowdfunding to the VAT Committee which consists of all Member States. On the basis of a common analysis of the transactions underlying crowdfunding, an overview of VAT/GST issues will be given.

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Notes

  1. 1.

    See Belleflamme et al. (2013, p. 8).

  2. 2.

    Kleemann et al. (2008, p. 6) argue: ‘[c]rowdsourcing … takes place when a profit oriented firm outsources specific tasks essential for the making or sale of its product to the general public (the crowd) in the form of an open call over the internet, with the intention of animating individuals to make a contribution to the firm’s production process for free or for significantly less than that contribution is worth to the firm’.

  3. 3.

    See Gerber et al. (2012, p. 2).

  4. 4.

    See de Buysere et al. (2012, p. 5).

  5. 5.

    See Röthler and Wenzlaff (2011, p. 5).

  6. 6.

    For example the securities prospectus requirements harmonized by the European Union. See Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC.

  7. 7.

    See for example Stacy Cowley, Tired of Waiting for U.S. to Act, States Pass Crowdfunding Laws and Rules, New York Times, 3 June 2015, available at: http://www.nytimes.com/2015/06/04/business/smallbusiness/states-pass-crowdfunding-laws-for-small-businesses.html?_r=0.

  8. 8.

    The Austrian legislation (Alternativfinanzierungsgesetz, law on alternative funding) was passed in 2015 and deals with regulations on how funds may be sourced via crowdfunding.

  9. 9.

    See for example http://www.marketwired.com/press-release/crowdfunding-market-grows-167-2014-crowdfunding-platforms-raise-162-billion-finds-research-2005299.htm (31 March 2015), citing Massolution, 2015CF—Crowdfunding Industry Report (2015).

  10. 10.

    See for example http://www.crowdsourcing.org/editorial/global-crowdfunding-market-to-reach-344b-in-2015-predicts-massolutions-2015cf-industry-report/45376, citing Massolution, 2015CF—Crowdfunding Industry Report (2015).

  11. 11.

    See European Commission, Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, Unleashing the potential of Crowdfunding in the European Union, COM (2014) 172 final (hereinafter the Communication), p. 2.

  12. 12.

    See Graf and Michels (2014), Joseph (2014), Carman and Van Winkle (2014), Cape and Dayananda (2014), Tell and Bonde Jensen (2015), Gramage and Beltran (2014), Quintavalla and Piattelli (2014), Blöschl and Reiter (2015).

  13. 13.

    See Rossi (2014, p. 13).

  14. 14.

    See de Buysere et al. (2012, p. 13).

  15. 15.

    See Röthler and Wenzlaff (2011, p. 12).

  16. 16.

    See Schwienbacher and Larralde (2012, pp. 373–374).

  17. 17.

    Kleemann et al. (2008).

  18. 18.

    Ahlers et al. (2015, p. 956) give an example: ‘In December 2011, The Rushmore Group, a start-up that now operates three bars in London, sold 10% of its equity for £1000,000 to 143 small investors through Crowdcube. The aspiring entrepreneurs of The Rushmore Group accomplished this feat in a little over two weeks—a remarkable success story. In early April 2012, another owner and operator of a London bar, Meatballs, offered a 25% equity stake for £300,000 on Crowdcube. Two months after the start of the offering, they had raised only £4750’.

  19. 19.

    See Berger et al. (2015, p. 69).

  20. 20.

    See Moritz and Block (2013, pp. 11–12).

  21. 21.

    See Rossi (2014, p. 12).

  22. 22.

    See Moritz and Block (2013, pp. 11–12), with further references.

  23. 23.

    See, for example, Mollick (2014, p. 3) and the case there referred to.

  24. 24.

    A particularly good example may be found in Austria where a local shoe manufacturer gained publicity after initiating a crowdfunding campaign in contravention of the decision of the Austrian regulatory body, the financial market authority. As the company had not been able to obtain credit from its bank, the manufacturer went to the inhabitants of his village to source money in order to stay solvent and invest in the area. See for example http://www.crowdfundinsider.com/2012/11/4914-austrian-robin-hood-ready-for-jail-over-bank-loan-row/, citing Austrian Times (28 November 2012).

  25. 25.

    Therefore, in Germanic countries many of these campaigns are legally presented in the form of silent partnerships or profit participating loans.

  26. 26.

    See Klöhn and Hornuf (2012), Mäschle (2012a, b), Blöschl and Reiter (2015, p. 1157).

  27. 27.

    See Moritz and Block (2013, p. 6).

  28. 28.

    See Beck (2012, p. 18), Klöhn and Hornuf (2012, pp. 244 et seq.).

  29. 29.

    See Bærentzen (2015).

  30. 30.

    Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax, OJ L 347, 11.12.2006 [hereinafter VAT Directive].

  31. 31.

    See European Commission, Value Added Tax Committee Working Paper No. 836, VAT treatment of crowdfunding, 6 February 2015, taxud.c.1 (2015) 576037; see also Merkx (2016).

  32. 32.

    See VAT Directive, Arts. 2(1)(a) and 2(1)(c).

  33. 33.

    See amongst others Mayr and Ungericht (2014, § 1 para. 2), K. Windsteig, § 1 Steuerbare Umsätze, in Melhardt and Tumpel (2015, § 1 m. no. 71).

  34. 34.

    See ECJ 3 March 1994, Case C-16/93, Tolsma, para. 14, EU:C:1994:80; 5 June 1997, Case C-2/95, SDC, para. 45, EU:C:1997:278; 16 December 2010, Case C-270/09, MacDonald Resorts, para. 16, EU:C:2010:780; 17 September 2014, Case C-7/13, Skandia America, para. 24, EU:C:2014:2225; 27 March 2014, Case C-151/13, Le Rayon d’Or SARL, para. 29, EU:C:2014:185; 21 November 2013, Case C-494/12, Dixon Retail plc, para. 32, EU:C:2013:758; 26 September 2013, Case C-283/12, Serebryannay vek, para. 37, EU:C:2013:599; 20 June 2013, Case C-653/11, Newey, para. 40, EU:C:2013:409; 3 May 2012, Case C-520/10, Lebara, para. 27, U:C:2012:264; 27 October 2011, Case C-93/10, GFKL Financial Services, para. 18, EU:C:2011:700; 29 October 2009, Case C-246/08, Commission/Finland, para. 44, EU:C:2009:671; 6 October 2009, Case C-267/08, SPÖ Landesorganisation Kärnten, para. 19, EU:C:2009:619; 3 September 2009, Case C-37/08, RCI Europe, para. 24, EU:C:2009:507; 23 March 2006, Case C-210/04, FCE Bank, para. 34, EU:C:2006:196; 26 June 2003, Case C-305/01, MKG-Kraftfahrzeuge-Factory, para. 47, EU:C:2003:377; 17 September 2002, Case C-498/99, Town and County Factors, para. 18, EU:C:2002:494; 21 March 2002, Case C-174/00, Kennemer Golf and Country Club, para. 39, EU:C:2002:200; 27 April 1999, Case C-48/97, Kuwait Petroleum, para. 26, EU:C:1999:203; 14 July 1998, Case C-172/96, First National Bank of Chicago, para. 26, EU:C:1998:354.

  35. 35.

    See ECJ 7 November 2013, Joined Cases C-249/12 and C-250/12, Tulică and Plavoşin, para. 33, EU:C:2013:722; 19 December 2012, Case C-310/11, Grattan, para. 22, EU:C:2012:822; 19 December 2012, Case C-549/11, Orfey Balgaria EOOD, para. 44, EU:C:2012:832; 26 April 2012, Joined Cases C-621/10 and C-129/11, Balkan and Sea Properties und Provadinvest, para. 43, EU:C:2012:248; 9 June 2011, Case C-285/10, Campsa, para. 28, EU:C:2011:381; 29 July 2010, Case C-40/09, Astra Zeneka UK, para. 28, EU:C:2010:450; 20 January 2005, Case C-412/03, Hotel Scandic Gåsabäck, para. 21, EU:C:2005:47; 19 June 2003, Case C-149/01, First Choice Holidays, para. 29, EU:C:2003:358; 15 October 2002, Case C-427/98, Commission/Germany, para. 30, EU:C:2002:581; 3 July 2001, Case C-380/99, Bertelsmann, para. 22, EU:C:2001:372; 15 May 2001, Case C-34/99, Primback, para. 24, EU:C:2001:271; 29 March 2001, Case C-404/99, Commission/France; para. 38, EU:C:2001:192; 16 October 1997, Case C-285/95, Fillibeck, para. 13, EU:C:1997:491; 24 October 1996, Case C-317/94, Elida Gibbs, para. 27, EU:C:1996:400; 24 October 1996, Case C-288/94, Argos Distributors, para. 16, EU:C:1996:398; 2 June 1994, Case C-33/93, Empire Stores, para. 18, EU:C:1994:225; 23 November 1988, Case 230/87, Naturally Yours Cosmetics, para. 16, EU:C:1988:508; 5 February 1998, Case 154/80, Association coopérative ‘Coöperatieve Aardappelenbewaarplaats GA’, para. 13, EU:C:1981:38.

  36. 36.

    The taxation consequences of the payment being made in advance because the consideration was collected before the supply was actually carried out are discussed in the concluding paras. of this Section below.

  37. 37.

    See VAT Directive, Art. 80.

  38. 38.

    See VAT Directive, Art. 16. The tax base will be set at the repurchase price pursuant to Art. 74 of the VAT Directive.

  39. 39.

    See VAT Directive, Art. 63.

  40. 40.

    See ECJ 21 February 2006, Case C-419/02, BUPA Hospitals Ltd, para. 48, EU:C:2006:122.

  41. 41.

    See ECJ 25 May 2005, Case C-465/03, Kretztechnik, para. 27, EU:C:2005:320.

  42. 42.

    See ECJ 20 June 1991, Case C-60/90, Polysar Investments Netherlands, para. 13, EU:C:1991:268; 6 February 1997, Case C-80/95 Harnas and Helm, para. 15, EU:C:1997:56; 26 June 2003, Case C-442/01, KapHag, para. 38, EU:C:2003:381.

  43. 43.

    See 6 February 1997, Case C-80/95 Harnas and Helm, para. 15, EU:C:1997:56; 26 June 2003, Case C-442/01, KapHag, para. 38, EU:C:2003:381; 21 October 2004, Case C-8/03, Banque Bruxelles Lambert (BBL), para. 38, EU:C:2004:650.

  44. 44.

    See ECJ 25 May 2005, Case C-465/03, Kretztechnik, para. 26, EU:C:2005:320.

  45. 45.

    See ECJ 25 May 2005, Case C-465/03, Kretztechnik, para. 27, EU:C:2005:320.

  46. 46.

    See ECJ 8 June 2000, Case C-98/98, Midland Bank, para. 24, EU:C:2000:300; 4 May 2006, Case C-169/04, Abbey National, para. 26, EU:C:2006:289; 3 March 2005, Case C-32/03, Fini H, para. 26, EU:C:2005:128; 8 February 2007, Case C-435/05, Investrand, para. 23, EU:C:2007:87. See also in general Bijl and Kerékgyártó (2003, p. 210).

  47. 47.

    See ECJ 6 April 1995, Case C-4/94, BLP Group, para. 25, EU:C:1995:107; 8 June 2000, Case C-98/98, Midland Bank, para. 31, EU:C:2000:300; 4 May 2006, Case C-169/04, Abbey National, paras. 35 and 36, EU:C:2006:289; 27 September 2001, Case C-16/00, Cibo Participations, para. 33, EU:C:2001:495.

  48. 48.

    See also Gabriël and van Kesteren (2011, p. 333).

  49. 49.

    See ECJ 12 June 2014, Case C-461/12, Granton Advertising, para. 27, EU:C:2014:1745.

  50. 50.

    See ECJ 27 October 2011, Case C-504/10, Tanoarch, para. 46, EU:C:2011:707.

  51. 51.

    See, for example, Henkow (2008, p. 96).

  52. 52.

    See in context of insurances ECJ 25 February 1999, Case C-349/96, Card Protection Plan, para. 36, EU:C:1999:93; However, from a regulatory perspective this could play a role.

  53. 53.

    See amongst others ECJ 16 July 2015, Case C-584/13, Mapfre asistencia und Mapfre warranty, para. 26, EU:C:2015:488; 2 July 2015, Case C-334/14, Nathalie De Fruyter, para. 18, EU:C:2015:437; 12 March 2015, Case C-594/13, «go fair» Zeitarbeit, para. 17, EU:C:2015:164; 22 January 2015, Case C-55/14, Régie communale autonome du stade Luc Varenne, para. 23, EU:C:2015:29.

  54. 54.

    See ECJ 6 November 2003, Case C-45/01, Christoph Dornier Stiftung, para. 44, EU:C:2003:595; 29 October 2009, Case C-29/08, SKF, para. 67, EU:C:2009:665; 26 May 2005, Case C-498/03, Kingscrest Associates and Montecello, para. 41, EU:C:2005:322; 12 January 2006, Case C-246/04, Turn- und Sportunion Waldburg, para. 33, EU:C:2006:22; 27 September 2007, Case C-409/04, Teleos, para. 59, EU:C:2007:548; 7 September 1999, Case C-216/97, Gregg, para. 20, EU:C:1999:390; 17 February 2005, Joined Cases C-453/02 and C-462/02, Linneweber and Akritidis, para. 24, EU:C:2005:92; 11 October 2001, Case C-267/99, Adam, para. 36, EU:C:2001:534; 23 October 2003, Case C-109/02, Commission/Germany, para. 20, EU:C:2003:586; 12 January 2006, Joined Cases C-443/04 and C-444/04, Solleveld and van den Hout-van Eijnsbergen, para. 39, EU:C:2006:257; 10 November 2011, Joined Cases C-259/10 and C-260/10, Rank Group, para. 32, EU:C:2011:719; 27 February 2014, Joined Cases C-454/12 and C-455/12, Pro Med and Pongratz, para. 52, EU:C:2014:111; See further Henze (2011, pp. 16 et seq.).

  55. 55.

    See ECJ 10 November 2011, Joined Cases C-259/10 and C-260/10, The Rank Group, para. 44, EU:C:2011:719.

  56. 56.

    See ECJ 27 February 2014, Joined Cases C-454/12 and C-455/12, Pro Med Logistik and Pongratz, para. 59, EU:C:2014:111.

  57. 57.

    See Sect. 14.3.3, above.

  58. 58.

    See, for example, in Austria the VAT implementation guidelines (Umsatzsteuerrichtlinien), para. 753a.

  59. 59.

    Exceptions might occur in the context of donation-based crowdfunding campaigns where a crowdfunding platform might offer its services for free. However, an economic activity might be established where such platforms use online advertising to finance their operations.

  60. 60.

    See, since 1 January 2015, Art. 58 of the VAT Directive. For the determination of where a consumer is established, has his permanent address or usually resides, see, in detail: Claessens and Lejeune (2014), Grambeck (2013), Merkx (2013), Bal (2014), Sterzinger (2014, pp. 213 et seq.), Ecker and Kronsteiner (2014, pp. 897 et seq.), Pfeiffer (2014, pp. 388 et seq.).

  61. 61.

    See Council Implementing Regulation (EU) No 282/2011 of 15 March 2011 laying down implementing measures for Directive 2006/112/EC on the common system of value added tax as amended by Council Implementing Regulation (EU) No 1042/2013 of 7 October 2013.

  62. 62.

    For example pure payment providers will not be covered by the presumption of Article 9a(1) of the Implementing Regulation.

  63. 63.

    See Value-Added Tax Act 1991 (SA), s. 7(1)(a).

  64. 64.

    See Botes (2015, Sect. 2.1).

  65. 65.

    See Botes (2015, Sect. 6.1.2).

  66. 66.

    See Value-Added Tax Act 1991, s. 7(1)(a); see also Botes (2015, Sect. 3).

  67. 67.

    See Botes (2015, Sect. 5.1.1).

  68. 68.

    See Botes (2015, Sect. 5.1.2).

  69. 69.

    See Tax Court Cape Town 13 June 2011, Case No. VAT 382.

  70. 70.

    For the definition, see Sect. 14.4.2.2, above.

  71. 71.

    See Tax Court Cape Town 13 June 2011, Case No. VAT 382, paras. 63 and 71.

  72. 72.

    See Value-Added Tax Act 1991, s. 12(a) in connection with s. 2. See also Botes (2015, Sect. 8.1.1).

  73. 73.

    See Value-Added Tax Act 1991, s. 12(a) in connection with s. 2. The provision of a credit is defined as ‘the provision by a person of credit under an agreement by which money or money’s worth is provided by that person to another person who agrees to pay in the future a sum or sums exceeding in the aggregate the amount of such money or money’s worth’; see Botes (2015, Sect. 8.1.1).

  74. 74.

    To the extent that the creditor is a taxable person. An individual who is not a taxable person but who as a result of the provision of credits exceeds the thresholds of carrying out taxable supplies will gain the status of a taxable person. See Botes (2015, Sect. 2.1).

  75. 75.

    Such as the National Credit Act 2005 (SA).

  76. 76.

    This amounts to approximately USD 75,000.

  77. 77.

    See Australian Taxation Office, GST and Crowdfunding, https://www.ato.gov.au/business/gst/in-detail/rules-for-specific-transactions/gst-crowdfunding/.

  78. 78.

    See A New Tax System (Goods and Services Tax) Act 1999 (Cth.), s. 9-5; see also Mann (2015, Sect. 3).

  79. 79.

    Where the supporter is otherwise a taxable person, carries on an enterprise in Australia and is registered for GST.

  80. 80.

    See A New Tax System (Goods and Services Tax) Act 1999, s. 9-15.

  81. 81.

    See A New Tax System (Goods and Services Tax) Act 1999, s. 9-15(2).

  82. 82.

    See Millar and Moon (2014, Sect. 2.1.1).

  83. 83.

    From the perspective of EU VAT, the ‘input taxed’ categorization of supplies in Australia corresponds to exemptions without input VAT deduction.

  84. 84.

    See Australian Taxation Office, Goods and Services Tax Ruling GSTR 2002/2, Goods and services tax: GST treatment of financial supplies and related supplies and acquisitions, para. 7.

  85. 85.

    See in further detail A New Tax System (Goods and Services Tax) Act 1999, Div. 70 and A New Tax System (Goods and Services Tax) Regulations 1999, Div. 70.

  86. 86.

    See in further detail A New Tax System (Goods and Services Tax) Act 1999, Div. 70 and A New Tax System (Goods and Services Tax) Regulations 1999, Div. 70.

  87. 87.

    See Australian Taxation Office, GST and Peer to Peer lending (available at http://lets-talk.ato.gov.au/peer-to-peer-lending).

  88. 88.

    See Millar and Moon (2014, Sect. 2.3.3.3).

  89. 89.

    See Canada Revenue Agency, GST/HST Information for Charities, http://www.cra-arc.gc.ca/E/pub/gp/rc4082/rc4082-e.html (‘Donations and gifts’).

  90. 90.

    Although the term ‘property’ is used for GST purposes. See Barnett (2015, Sect. 3.1).

  91. 91.

    See Barnett (2015, Sects. 3.1.1 and 3.2.1).

  92. 92.

    See Excise Tax Act, R.S.C. 1985 (Can.), s. 165.

  93. 93.

    See Canada Revenue Agency, GST/HST Information for Charities (‘Donations and gifts’).

  94. 94.

    See Sect. 14.4.4.2, above.

  95. 95.

    See Barnett (2015, Sect. 6.1.4).

  96. 96.

    See Excise Tax Act, s. 155; see also Barnett (2015, Sect. 6.1.4).

  97. 97.

    The due date—as a general rule—is either the day the consideration for the supply is paid or the day the consideration for the supply becomes due. See Excise Tax Act, s. 168(1); Barnett (2015, Sect. 5.1).

  98. 98.

    See further Barnett (2015, Sects. 5.1.1 and 5.1.2).

  99. 99.

    See Excise Tax Act, s. 123(1)(b) whereby an equity security is characterized as a financial instrument. Equity security is defined to be a share of the capital stock of a corporation or any interest in or right to such share.

  100. 100.

    See Excise Tax Act, s. 169.

  101. 101.

    The connection to a person’s commercial activities is an important criterion for deducting input tax.

  102. 102.

    See Excise Tax Act, s. 185.

  103. 103.

    As intellectual property rights are intangible ‘property’.

  104. 104.

    By contrast, however, especially in donation-based crowdfunding campaigns, the crowdfunding platform could offer its services free of charge. Thus, there will generally not be a taxable supply.

  105. 105.

    See Butcher (2009, p. 544).

  106. 106.

    See Goods and Services Tax Act 1985 (NZ), s. 8(1).

  107. 107.

    See Goods and Services Tax Act 1985, s. 8(2).

  108. 108.

    See Goods and Services Tax Act 1985, s. 8(3).

  109. 109.

    See Goods and Services Tax Act 1985, s. 10(1); see also Olding (2015, Sect. 6.1).

  110. 110.

    See Goods and Services Tax Act 1985, s. 9(1).

  111. 111.

    See Goods and Services Tax Act 1985, s. 14(1).

  112. 112.

    See Sect. 14.4.5.5 below and Marie Pallot and Thomas Allen, Loan Intermediary Services: New Zealand, this volume for further details about the zero-rating regime.

  113. 113.

    More details can be found in White and Trombitas (2014, Sect. 9.3).

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  1. Federal Ministry of Finance, Vienna, Austria

    Sebastian Pfeiffer

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    Robert F. van Brederode

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    Richard Krever

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Pfeiffer, S. (2017). A VAT/GST Perspective on Crowdfunding. In: van Brederode, R., Krever, R. (eds) VAT and Financial Services. Springer, Singapore. https://doi.org/10.1007/978-981-10-3465-7_14

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