Xetra/Zugang zum Handelssaal/Xontro Teilnehmer Zulassung ...

INFORMATION MEMORANDUMVAT identification numberAs of 1 January 2010 changes to the value added tax regulations came into effect (“VAT Package 2010”). These changeshave an impact on how the VAT treatment of the Deutsche Boerse Group entities applies to its customers. In order toensure that Deutsche Boerse group entities bill their services in an appropriate manner, each customer (i) has to confirmhis status as a taxable person for VAT purposes (i.e., a “taxable person acting as such”) when receiving services fromDeutsche Boerse Group entities and (ii) has to provide Deutsche Boerse Group entities with the respective individual VATidentification number.Please find further background information regarding the VAT Package below:1. Consequences of wrong or missing VAT identification numberBased on the VAT law, Deutsche Boerse Group entities have to consider your company as a “non-business” customer. Asa consequence Deutsche Boerse Group entities have to bill with German VAT, even if your company is located outsideGermany.To avoid this VAT impact, please do not forget to enter your valid VAT identification number on the application form andsend it as soon as possible to Deutsche Boerse Group entities.2. New place of supply rulesAs for business-to-business (“B2B”) supplies, the place of supply generally is where the customer has established hisbusiness or has a fixed establishment for which the service is supplied. According to the European Commission's recentproposal for a Council Regulation laying down implementing measures for Directive 2006/112/EC on the common systemof value added tax, the supplier needs to ascertain that the customer qualifies as a taxable person for VAT purposes. Therelevant passage reads as follows:Article 211. Where the place of supply of services depends onwhether or not the customer is a taxable person, thestatus of the customer shall be determined on the basisof Title III of Directive 2006/112/EC.2. In determining the status of the customer establishedwithin the Community as a taxable person, the suppliershall be considered to have acted in good faith where hehas complied with all of the following requirements:(a) he has established that the customer is a taxableperson from the VAT identification numbercommunicated to him by that customer, or from anyother proof which demonstrates that the customer is ataxable person or a non-taxable legal person identifiedfor VAT purposes;(b) he has obtained confirmation of the validity of thatVAT identification number, or the other proof given bythe customer;(c) he has carried out a reasonable level of verification ofthe accuracy of the information provided by thecustomer, by existing security measures.3. Invoicing requirementsMoreover, the VAT identification numbers of B2B customers need to be shown in the invoices to be issued by DeutscheBoerse Group entities.4. New recapitulative statementStart of 2010, based on the new VAT law requirements, Deutsche Boerse Group entities have to provide local taxauthorities with a summary statement (so-called “EC Sales list”) for goods and services provided to its customers locatedin an EU country. The EC Sales list must show Deutsche Boerse Group entities - EU customers' turnover by VATidentification number.10/131