The Italian Revenue Agency has published Ruling No. 503 of 23 July 2021 on whether a supply of advisory services in connection with a VAT exempt transfer of shares may qualify as a VAT exempt ancillary supply. The ruling concerns an Italian holding company that decided to sell a minority stake in one of its subsidiaries and, for this purpose, engaged an investment bank as a financial advisor to identify a suitable investor to acquire the minority stake, develop a suitable structure for the t…